President Lee: "Protectionism is rising... APEC is the vanguard of free trade"

President Lee Jae-myung said on the 29th, "As the chair of the Asia-Pacific Economic Cooperation (APEC), the Republic of Korea intends to lead the way in multilateral cooperation to confront the crisis." He was pointing to the growing country-first policies as U.S.-China trade tensions intensify. It is interpreted to mean that, in response, countries should unite and cooperate to restore free trade.

At the APEC CEO Summit held in Gyeongju that day, the president said, "The external environment surrounding APEC today is very different from then." He said, "In an era when protectionism and country-first policies are raising their heads and immediate survival is urgent, the words cooperation, coexistence, and inclusive growth may sound hollow," and "In such crisis situations, the role of APEC as a platform for solidarity will shine even more." The president's mention of multilateralism is interpreted as reflecting that our export-oriented economy is being hit by the protectionist policies of the U.S. and China.

The president spoke several times that day about the importance of free trade. He said, "The APEC leaders' meeting held in Busan 20 years ago was a very important turning point in the history of the free trade system," and "The Busan Roadmap announced by our Republic of Korea as the chair at the time contained the united voices of members supporting a free and open trading system." He also said, "APEC has led regional economic growth as the vanguard of free trade and investment over the years," and "Even during the global pandemic crisis, it cooperated for the free movement of medical supplies and essential personnel." The president is focusing on diversifying exports, including concluding a free trade agreement (FTA) with Malaysia on the 27th.

He also gave weighty remarks on the 'AI great transformation.' He said, "The Republic of Korea will propose an 'Artificial Intelligence (AI) Initiative' at this APEC leaders' meeting," and "I hope that a vision of AI for all can take root as APEC's new normal." He added, "Artificial intelligence is the core of the innovation that will lead sustainable development today." He said, "At the trade ministers' meeting in May, the Republic of Korea discussed the introduction of AI technology and standards in customs administration and laid the groundwork for cooperation in AI utilization," and "A 'Framework Act on Artificial Intelligence' to balance industrial development and the responsible use of AI is also about to be implemented."

The president promised to distribute growth opportunities and foster talent. He said, "Now, to realize the dream of sustainable development and shared prosperity, we must work together to evenly share the opportunities and fruits of growth," and "I will also strive to nurture young talent who will be responsible for APEC's future."

Gyeongju=Kim Hyeong-gyu/Jeong Sang-won reporters khk@hankyung.com