Statement by H.E. Chung Eui-yong
Minister of Foreign Affairs of the Republic of Korea
on the Occasion of the APEC Ministerial Meeting,
November 9, 2021

Thank you Minister Mahuta,
and I also would like to thank New Zealand
for successfully leading this year’s APEC journey.

Back in 1999, I was Korea’s Senior Official to the APEC
when New Zealand last hosted APEC.
To participate again in 22 years, with New Zealand as host once more, feels like reuniting with old friends.
Back then, under the New Zealand’s leadership, 
our leaders spearheaded collaboration to overcome the regional financial crisis.

For decades, APEC has strongly united at every crisis.
Its significance as a platform for cooperation
could not be more emphasized in today’s pandemic times.

In this regard, I would like to highlight three areas where
APEC could cooperate to further accelerate post-pandemic economic recovery.

First, it is imperative to guarantee equitable access

to essential goods and services needed to fight the pandemic.
Needless to say, vaccines constitute the top priority.

Vaccines are a powerful tool to revive the economy.
Since the outbreak of the pandemic,
GDP losses in the region from unrealized economic activity are estimated at 1.2 trillion U.S. dollars.

Widespread vaccination is essential to resume cross-border travel
and to galvanize the global supply chain.

Collective efforts to ensuring equitable access to vaccines
can also help restore APEC’s core value of connectivity,
which has been severely damaged by COVID-19.

Against this backdrop, Korea is committed to
joining in the global efforts to ensure
that 70% of the world population is vaccinated by mid-2022.

The second important area of focus is digital inclusion.

COVID-19 has accelerated digitalization in all aspects of our lives.
Boosting inclusion will allow us to fully reap
the benefits of the advanced digital economy.
It will ultimately enable a better and more innovative recovery.

Korea will continue to support
the digital empowerment of groups with untapped economic potential,
including women and MSMEs (Micro, Small & Medium Enterprises),
through the Digital Innovation Fund , which was established in 2019 at the proposal of president Moon Jae-in

We also encourage member economies to actively engage
with this fund in strengthening digital inclusion.

APEC has already produced
a comprehensive blueprint for inclusive digital transition,
the APEC Internet and Digital Economy Roadmap (AIDER).
We look forward to an expeditious implementation of the roadmap.

Last, we need to make our response to climate change more effective and with urgency.

At the COP26 in Glasgow last week, global leaders
reaffirmed their solidarity in tackling this global threat.
Korea committed to the challenging goal of cutting carbon emissions
by 40% from 2018 levels by 2030.

Our region accounts for 60% of global CO2 emissions.
At the same time, we are the most vulnerable
to extreme weather and sea level rise.

Therefore, APEC’s response to climate change is key
to the success of global efforts.

Korea appreciates the progress made by APEC
since 2007 in fulfilling leaders’ commitments
to increase the share of renewable energy and forest cover .
I hope we can work toward additional tangible success cases.

I look forward to our leaders’ adopting
the implementation plan of “Putrajaya Vision 2040 ”,
which will give new impetus to APEC for sustainable growth.

Finally, to ensure the ongoing success of APEC,
Korea supports the United States’ offer to host the 2023 APEC
and Peru for 2024.

Thank you.   /End/