APEC FINANCE CHIEFS ADOPT 5-YR INCHEON PLAN FOCUSING ON AI TRANSFORMATION

INCHEON, Oct 23 (Bernama-Yonhap) -- Finance ministers from the Asia-Pacific Economic Cooperation (APEC) member economies have adopted a new five-year road map, dubbed the Incheon Plan, that includes discussions on inclusive transformation centred on artificial intelligence (AI), according to officials Thursday.

According to Yonhap News Agency the adoption was announced by Finance Minister Koo Yoon-cheol at a press conference wrapping up the APEC Finance Ministers' Meeting, held in the western port city of Incheon, ahead of the official APEC Summit next week.

Ministers and senior officials from the 21 APEC member economies have gathered since Tuesday under the theme of "Building a Sustainable Tomorrow."

"The Incheon Plan outlines the mid- to long-term direction and key themes for the APEC Finance Ministers' Meetings over the next five years," Koo said.

This week's meeting serves as the final ministerial session before the APEC Summit, scheduled for Oct 31 to Nov 1 in the southeastern city of Gyeongju.

"The consensus, reached unanimously among all 21 APEC members ahead of the Gyeongju summit, carries great significance," Koo said, adding that South Korea will work to ensure the outcomes and discussions from this week's meeting contribute meaningfully to the summit's achievements.

Citing global shifts, such as major countries' trade policies and heightened AI competition, the top South Korean economic policymaker stressed the importance of regional policy coordination and cooperation.

Proposed by South Korea, the Incheon Plan includes finance track discussions on AI transformation for the first time, aimed at fostering an innovation ecosystem and ensuring equitable economic opportunities to broaden the scope of APEC's financial cooperation agenda.

Koo said the 21 member economies have agreed on four priorities -- market-based fair competition, improved business environments, promotion of innovation and digitalisation, and realisation of economic potential for all.

The ministers also adopted a plan to improve the business environment, setting a collective goal of achieving a 20 percent improvement across five priority areas, such as market entry, Koo said.

Based on the outcome, the APEC Economic Committee will subject its annual report to concrete directions for cooperation aimed at building a secure AI ecosystem and narrowing the digital divide.

The report is the committee's flagship annual publication, analysing structural reforms across APEC economies. The 2026 edition is titled "Structural Reform and AI-Driven Digital Transformation."

"We expect next year's report to reflect specific cooperation directions, such as promoting AI and digital transformation in the region, building a secure digital ecosystem and bridging the digital divide," said Yoon Jeong-in, a ministry official in charge of organising the meeting.

South Korea chaired the ministerial-level APEC meetings for the first time in 20 years, hosting both the Finance Ministers' Meeting and the APEC Structural Reform Ministerial Meeting jointly.

-- BERNAMA-YONHAP