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Outcome of APEC Ministerial Meeting in Papua New Guinea

  • Date : 2018-11-16 14:49:59
  • Hit : 951

1. The 30th APEC Ministerial Meeting (AMM) took place in Port Moresby, the Independent State of Papua New Guinea, on November 15, 2018.

 

° The event, chaired by Minister of Foreign Affairs and Trade of Papua New Guinea Rimbink Pato, brought together foreign and trade ministers of the 21 APEC member economies. The Republic of Korea's head delegates to the AMM were Deputy Minister for Economic Affairs of the Ministry of Foreign Affairs Yun Kang-hyeon and Deputy Minister of International Trade and Legal Affairs of the Ministry of Trade, Industry and Energy Kim Chang-kyu.

 

2. In the AMM 2018, the senior officials conducted the final review of the deliverables of the APEC summit set to take place on November 17 and 18; and explored how the member economies can work together to enhance connectivity and economic integration in the Asia-Pacific region, to promote inclusive and sustainable growth, and to achieve inclusive growth through structural reform.

 

The theme of the APEC summit 2018 is Harnessing Inclusive Opportunity, Embracing the Digital Future.

 

° Amid the United States-People's Republic of China confrontation over such matters as support for the multilateral trade regime, the senior officials reached agreement in principle at the AMM on November 15 on issuing a ministerial statement. Work on the text of the statement is still underway even after the conclusion of the meeting.

 

3. The participants, agreeing to set APEC’s future vision aimed at achieving post-2020 “sustainable and inclusive growth,” vigorously discussed ways to promote women's inclusion, boost human capital, internationalize small- and medium-sized enterprises, and brace for climate change.

 

° The senior officials, recognizing the need for APEC to help the Asia-Pacific region accelerate its entry into the digital era, agreed to set up the “Digital Economy Steering Group” that can focus capabilities of APEC’s all affiliates on digital economy.

 

4. The ROK delegation, calling the year 2018 significant as the first year for preparing to achieve APEC’s three goals, -- creating an inclusive APEC community by 2030; jointly preparing for a digital future; and setting APEC’s future vision -- conveyed the commitment of the ROK to play a leading role in that regard.

 

° The delegation also expressed support for the multilateral trade regime; shared with the other participants the ROK's contribution to enhancing connectivity and economic integration in the Asia-Pacific region; and presented ideas as to how the APEC member economies could work together.

 

5. At the AMM, which came amid the escalating trade tensions and the slowing trade growth in the global community, the ROK played a leading role in the production of main results that contribute to such major agenda items as economic integration and inclusive growth in the Asia-Pacific region.

 

° The ROK, having led the agreement on "APEC’s Non-Binding Principles for Domestic Regulations of the Services Sector,” saw them adopted at the AMM 2018. These Principles are expected to ensure consistency among the APEC member economies’ regulations and support structural reform in the services sector, and thereby to accelerate the strengthening of the competitiveness of  the services industry in the Asia-Pacific region.  

 

° In addition, the ROK put forward “comprehensive principles on non-tariff barriers,” -- aimed at bringing down trade barriers through arbitrary discrimination -- which were also adopted at the AMM.

 

 

* unofficial translation