APEC Trade, Foreign Ministers Call For Joint Efforts To Harness Digital Innovation

From Nor Baizura Basri

GYEONGJU (South Korea), Oct 30 (Bernama) -- Trade and foreign ministers of Asia-Pacific Economic Cooperation (APEC) economies has called for joint efforts among member economies to harness digital innovation and supply chain resilience as they reaffirmed their commitment to regional cooperation.

South Korea Trade Minister Yeo Han-Koo, who set the stage for the APEC Ministerial Meeting today, said as digital gaps widened between economies and between large firms and small businesses, South Korea will work to ensure that all APEC members share in the benefits of digital and AI innovation.

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Building on this momentum, ministers have expressed determination to translate discussions into concrete outcomes, according to a joint statement released today.

The ministers also highlighted efforts to boost digital readiness, improve competitiveness and close the digital divide.

Coordinated policies, they noted, will be essential to building resilient supply chains and inclusive growth across the region.

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Ministers acknowledged that this strength also comes with growing responsibility as the region grapples with demographic shifts, technological disruptions and reconfigured trade flows.

Yeo earlier said the spirit of openness and trade, long embedded in the region’s history, remains the key to navigating future challenges.

“South Korea's success story mirrors the broader Asia-Pacific experience. Since APEC’s founding in 1989, trade and investment facilitation have lifted over one billion people out of poverty.

“Amid profound shifts in the global economy, there is no better time than now to rekindle the spirit of openness and cooperation," he added.

Yeo also called for strengthening connectivity through open plurilateralism – a flexible, voluntary approach to cooperation that complements the multilateral trading system and reinforces APEC’s role as an incubator of ideas.

He also emphasised the need to advance digital trade and artificial intelligence cooperation, highlighting South Korea’s "AI for Trade” initiative and the upcoming "AI for Supply Chains" project to be launched in 2026.

He pointed out that APEC economies currently accounted for over one-third of global digital service exports and lead in AI technology.

The meeting sets the tone for the APEC Economic Leaders’ Meeting, which will be held from tomorrow to Nov 1, marking the final ministerial-level discussions of South Korea’s APEC year.

Home to more than 40 per cent of the world’s population, APEC accounts for over 60 per cent of global economy and 50 per cent of world trade. 

-- BERNAMA