1. Foreign Minister Chung Eui-yong and Minister for Trade Yeo Han-koo attended the 32nd APEC Ministerial Meeting (AMM) held virtually from November 8 to 9.

o The meeting hosted by New Zealand, the chair of APEC for 2021, brought together foreign and trade ministers from the 21 APEC member economies.

2. During the meeting, foreign and trade ministers made a final check of the preparations for the APEC Economic Leaders’ Meeting (AELM) to be held on November 12, discussed ways to accelerate economic recovery (Day 1) and foster inclusive recovery (Day 2), and adopted the Joint Ministerial Statement based on the discussions.

o The Statement includes APEC’s achievements this year: increasing the distribution and production of vaccines; resuming cross-border movement; advancing regional economic integration and supporting the outcomes from the 12th Ministerial Conference (MC-12) of the WTO (World Trade Organization); fostering inclusive recovery for vulnerable groups; responding to climate change; and bridging the digital divide  and facilitating digital trade.

3. At the Trade Ministers’ Meeting on Nov. 8, Minister for Trade Yeo Han-koo presented Korea’s efforts and ways to work together to accelerate trade-driven economic recovery in the region.

o As for Korea’s domestic policy effort, Minister Yeo introduced Korea’s policy to maintain openness and transparency of economic activities based on exemplary public health measures without any lockdown measures, and its Green and Digital New Deals for industry’s green and digital transition. He also introduced Korea’s efforts in leading international cooperation to facilitate cross-border movement of essential people including entrepreneurs.

o With regard to regional economic integration, he stressed Korea’s efforts to develop bilateral and multilateral FTA networks in the region, including RCEP, and introduced Korea’s favorable consideration on potential membership to the CPTPP and its domestic preparations. He also stressed the necessity to strengthen the rules of digital trade in the region and explained Korea’s related efforts, such as initiating the negotiations for joining the DEPA (Digital Economy Partnership Agreement).

o To revitalize the multilateral trading system, he stressed that the upcoming WTO MC-12 needs to show concrete outcomes in responding to the pandemic and restoring main functions of the WTO, while calling for APEC members’ participation in this effort.

4. At the Foreign Ministers’ Meeting on Nov. 9, Foreign Minister Chung Eui-yong presented Korea’s efforts and ways to cooperate for better reconstruction and inclusive recovery in the post-COVID-19 era.

o Minister Chung stressed that equitable access to vaccines is key to reviving the economy, resuming cross-border travel, and galvanizing the global supply chain. He also expressed Korea’s will to join in the global vaccine sharing efforts to ensure that 70% of the world population is vaccinated by mid-2022.

o For digital inclusion, he expressed Korea’s will to contribute to it through the APEC Digital Innovation Fund, which was established in 2019 at the proposal of president Moon, and encouraged member economies to accelerate the implementation of the APEC Internet and Digital Economy Roadmap (AIDER).

o Regarding climate change, he introduced Korea’s commitment to cut carbon emissions by 40% of 2018 levels by 2030. He also appreciated the progress made by APEC in fulfilling leaders’ commitments to increasing the share of renewable energy and forest cover.

5. At this APEC meeting, Korea, as a founder and leading member in delivering key agendas of APEC, suggested directions to overcome the pandemic crisis and accelerate economic recovery in the region, and emphasized its role in and commitment to addressing global crises, following the recently-held G20 summit and COP26.

o The meeting also served as an opportunity for Korea to reaffirm its reputation at the APEC, the world’s biggest economic cooperation platform, as a leading member in establishing new norms for creating global governance in preparation for the post-COVID-19 era.