South Korean President Urges APEC to Prioritize Supply Chain Resilience and Strengthen Trade Order
South Korean President Yoon Suk Yeol has called on the Asia-Pacific Economic Cooperation (APEC) forum to prioritize supply chain resilience and strengthen the trade order. Speaking at the APEC leaders’ retreat in San Francisco, President Yoon emphasized the need for early warning systems and other measures to address disruptions in the supply chain, stating that economic unpredictability goes against the principles of free trade and multilateralism.
President Yoon asserted that South Korea is committed to playing a leading role in promoting supply chain resilience. Recognizing the importance of a robust and stable supply chain, he urged member economies to adopt early warning systems that can effectively detect and mitigate potential disruptions. By proactively addressing these challenges, APEC can ensure the smooth flow of goods and maintain economic stability in the region.
In addition to supply chain resilience, President Yoon highlighted the importance of strengthening the rules-based trade order. He underscored the need for APEC to actively engage in establishing digital rules and governance systems, reflecting the increasing significance of the digital economy in international trade. By actively participating in shaping digital regulations, APEC can foster an environment that encourages innovation, growth, and fair competition.
President Yoon also invited member economies to participate in the AI Global Forum hosted by South Korea next year. As the chair of APEC in 2025, South Korea aims to promote regional cooperation for freedom, peace, and prosperity in the Asia-Pacific. By leveraging advancements in artificial intelligence and emerging technologies, APEC member economies can unlock new opportunities and drive sustainable economic development.
The call by President Yoon reflects the growing recognition of the importance of resilient supply chains and robust trade frameworks in an increasingly interconnected world. As the COVID-19 pandemic has highlighted vulnerabilities in global supply chains, prioritizing resilience becomes imperative to ensure uninterrupted trade flows. APEC member economies now have an opportunity to collaborate, share best practices, and implement measures that enhance supply chain reliability and adaptability.
The adoption of early warning systems and other resilience-building initiatives will help APEC member economies better respond to future disruptions, minimizing the impact on trade and ensuring the consistent availability of essential goods. President Yoon’s call also underscores the pressing need to strengthen the rules-based trade order and establish digital regulations to keep pace with the evolving nature of trade in the digital age.
As APEC looks to navigate the challenges of an uncertain economic landscape, the commitment of South Korea, under President Yoon’s leadership, to prioritize supply chain resilience and strengthen the trade order is a step in the right direction. By working together, APEC member economies can forge ahead, promoting inclusive growth, sustainable development, and prosperity across the Asia-Pacific region and beyond.