1. The 29th APEC Ministerial Meeting (AMM) took place in Da Nang, Vietnam, on November 8 and 9.

° The 29th AMM, co-chaired by Deputy Prime Minister and Minister of Foreign Affairs Pham Binh Minh and Minister of Industry and Trade Tran Tuan Anh of Vietnam, brought together foreign and trade (vice) ministers of the 21 APEC member economies. The Republic of Korea government was represented by Deputy Minister for Economic Affairs Yun Kang-hyeon of the Ministry of Foreign Affairs and Deputy Minister for Trade Negotiations Lee Sang-jin of the Ministry of Trade, Industry and Energy.

2. In the 29th AMM, the senior officials reviewed the deliverables to be produced at the APEC Summit on November 10 and 11 and explored possible policy measures for creating new growth engines and promoting inclusiveness in the Asia-Pacific region.

※ The theme of the APEC Summit 2017 is “Creating New Dynamism, Fostering Shared Future.”

° With the US and other member economies of APEC holding differing positions regarding the wording on support for the multilateral trade regime in a joint statement, the AMM participants agreed merely in principle on December 9 to issue a declaration. After exclusive consultations on its text held until November 11 was the declaration adopted.

3. In AMM session I on “regional and global economic situations, and APEC’s leadership role,” Deputy Foreign Minister for Economic Affairs Yun Kang-hyeon emphasized the need for APEC to continue, even after 2020, the target year for achieving the Bogor Goals, efforts toward trade and investment liberalization as well as the creation of the Free Trade Area of Asia Pacific (FTAAP).

° In addition, the Deputy Minister, calling it APEC’s main task to pursue econo-technical cooperation for narrowing the development gap between developed and developing countries in the Asia-Pacific region, relayed the ROK’s commitment to contribute in that regard.

° He also stressed that APEC should become a community that seeks not only trade liberalization and economic cooperation but also inclusive, innovative and sustainable growth.

4. In his remarks at AMM session II on “new dynamism for growth,” Deputy Minister Yun underscored the need for the Asia-Pacific region to pursue inclusive, innovative growth as its basic strategy in response to such new challenges as low growth and deepening economic inequality.

° He emphasized that based on the ROK government’s “people-centered economy” policy, the Asia-Pacific region should seek to increase women’s participation in economic activities; help reduce youth unemployment; and create an environment for innovative start-ups.

- In addition, the Deputy Minister shared with the other officials ways that the
ROK will contribute to APEC, including holding “a seminar on women’s smart technology” and “a forum on youth employment policy,” and conducting a project to “build a network of youth start-ups”

5. In session III on “new dynamism for regional economic connectivity,” Deputy Minister for Trade Negotiations Lee Sang-jin of the Ministry of Trade, Industry and Energy stressed that in response to the changing international trade environment, APEC should make ceaseless efforts toward an economic integration in the Asia-Pacific region and against trade protectionist moves.

° Deputy Minister Lee, underscoring the need for tangible efforts to bring down the non-tariff trade barrier, the biggest obstacle to trade and investment liberation in the region, mentioned that in particular, the ROK- and New Zealand-led plan to work on non-tariff measures will help lower the non-tariff barrier in the region and create the FTAAP.

- He urged that the region move continually forward negotiations on the proposed regional comprehensive economic partnership (RCEP) and other regional trade agreements currently under way as a pathway toward the FTAAP.

° In addition, the Deputy Minister brought attention to the need for APEC to foster an environment, where small- and medium-sized enterprises, which account for 97% of the regional economy, can meet challenges and take up opportunities posed by digital economy and the fourth industrial revolution.

° As ways to respond to the growing tide of trade protectionism across the world, the Deputy Minister called for a thorough implementation of the commitment to “a standstill and roll back” of protectionist moves, which had been reaffirmed at the APEC Summit 2016 in Lima; and asked APEC to support “the Inclusive Trade Initiative” that the ROK had proposed as a way for the APEC member economies to respond jointly to trade protectionism.

6. On the sidelines of the AMM, Deputy Minister Lee met bilaterally with Vice Minister of Trade Paulina Nazal Aranda of Chile, during which the two sides agreed to work together at APEC, the Pacific Alliance and other multilateral organizations, and to hold talks to improve the ROK-Chile FTA in a bid to seek a stronger bilateral cooperation on trade.

7. At the 29th AMM, the participants agreed to form an APEC Vision Group, an advisory group tasked with mapping out post-2020 APEC visions, and to adopt those visions at the APEC Summit 2020.

° In addition, the officials agreed to make the APEC Policy Support Unit a permanent body from 2018 on the condition that finance is secured for running the Unit.

° Also at the 29th AMM, an APEC fund, designed to promote women’s participation in economic activities, was set up with fiscal contributions from the US, Australia and Taiwan.

8. On November 9, a ceremony was held in Da Nang, Vietnam, to mark the opening of the “APEC statue park in Da Nang,” which showcases statues donated by 19 member economies of APEC, including the ROK, in commemoration of the APEC event.

° The statue from the ROK, which represents Korean culture and is well in line with the APEC theme for 2017, is expected to help enhance the ROK’s standing in APEC and promote the country.

° The Korean statue is also expected to become a token of friendship between the ROK and Vietnam, which mark in 2017 the 25th anniversary of diplomatic relations.


* unofficial translation