APEC economic integration must be expanded to lower barriers for businesses, trade chief says

South Korea's chief trade negotiator called Tuesday for deeper regional economic integration among Asia-Pacific Economic Cooperation members to reduce investment barriers and streamline procedures for businesses. Park Jeong-seong, chief trade negotiator at the Ministry of Trade, Industry and Energy, also proposed expanding free trade agreements within the APEC region, using AI to simplify trade procedures, and strengthening supply chain cooperation.

According to the Ministry of Trade, Industry and Energy, Park attended the 37th APEC Joint Ministerial Meeting on Foreign Affairs and Trade, held via video conference on Tuesday, and laid out three priority tasks for advancing economic integration across the Asia-Pacific.

The meeting brought together foreign affairs and trade ministers from APEC member economies to discuss ways to build an Asia-Pacific community and promote regional economic integration.

Park emphasized the need to expand and deepen intra-regional free trade agreements while pursuing what he described as "open plurilateral cooperation" — an approach in which economies with the will and capacity to cooperate move forward first, while leaving the door open for others to join.

Park also proposed using AI to facilitate trade. Improving interoperability between customs systems and streamlining trade procedures and information exchange through AI, he said, would ease the customs burden on businesses.

Improving the investment environment in ways businesses can actually feel was presented as another key priority. "We need regional economic integration that delivers tangible results for businesses," Park said. "Since investment connects capital, talent, technology and industrial ecosystems, regional cooperation to create a transparent and predictable investment environment and to remove unnecessary investment barriers and procedures is essential."

Park also said he supports implementing the APEC Investment Facilitation Action Plan to enhance the transparency and predictability of investment policies and reduce unnecessary barriers to investment.

In addition, Park proposed that member economies rapidly share information to respond to global supply chain disruptions and strengthen communication and cooperation when crises arise.

Building on the discussions at the meeting, the Ministry of Trade, Industry and Energy plans to continue pushing for expanded trade and investment cooperation in the region at the APEC Leaders' Summit, scheduled for Nov. 18-19.