Nobel Laureate James Robinson Shares Insights at PECC General Meeting
"Institutions That Failed to Help Are the Root Cause of the Multilateralism Crisis"
"APEC's 'Open Regionalism' Offers a Solution"
Over 300 Asia-Pacific Experts Gather
Key Economic Issues Discussed... 'Yeouido Declaration' Adopted
James Robinson, a renowned authority in institutional economics and last year's Nobel Prize in Economics laureate, predicted that the Asia-Pacific Economic Cooperation (APEC) summit, to be held this October in Gyeongju, South Korea, could serve as an alternative to restore "multilateralism," which has recently faced a crisis.
James Robinson, Professor at the University of Chicago and the 2024 Nobel Prize in Economics laureate. Photo by Yonhap News
On the morning of August 12, at the 32nd Pacific Economic Cooperation Council (PECC) General Meeting held in the Grand Ballroom of the FKI Tower Conference Center in Yeouido, Seoul, Professor Robinson emphasized that "APEC's approach could be a more suitable platform than the European Union (EU) for conceptualizing a new 'global architecture,' especially in an era where a more flexible identity has become necessary."
Professor Robinson is considered one of the top three authorities worldwide in the field of institutional economics, which analyzes the relationship between law, institutions, and economic growth. He is also known to have a deep interest in and has conducted research on the history of South Korea's economic development. During this general meeting, Professor Robinson shared his insights in a special dialogue with Jung Chul, President of the Korea Economic Research Institute.
Regarding the crisis facing the principle of multilateralism, which has underpinned the global economy and diplomacy, due to the tariff policies of U.S. President Donald Trump and his administration, Professor Robinson pointed out that "the fundamental cause is that existing institutions have failed to benefit all citizens of every country." He went on to say, "The principles of 'open regionalism' embodied by APEC?voluntarism, openness, non-binding commitments, and consensus-based cooperation?can serve as an alternative to overcome the global trend toward declining multilateralism and the strengthening of protectionism, which represent a return to 'closed regionalism.'" He also highly praised the fact that APEC uses the concept of economic entities rather than countries.
Speaking about South Korea, he offered high praise, saying, "It is an economically and culturally astonishingly creative society, not only for its mobile phones, ships, and automobiles, but also for its cultural content such as K-pop, Squid Game, and K-beauty." He added, "South Korea has the potential to take a leading role in facilitating diverse dialogues and cooperation at this APEC summit."
At the PECC General Meeting held that day, more than 300 experts from the Asia-Pacific region, including Professor Robinson, gathered to exchange views on major economic issues and to identify agenda items to be discussed at the upcoming APEC summit. Notably, the "Youth Program," which had been suspended for five years since the COVID-19 pandemic, was resumed at this general meeting, and the "Yeouido Declaration" was adopted as an official outcome. This declaration is scheduled to be submitted to the APEC Leaders' Meeting in Gyeongju this October. The declaration includes content on establishing directions for the use of artificial intelligence (AI), strengthening the capacities of member economies, seeking new trade paradigms for inclusive growth, and developing joint strategies to address demographic changes.
PECC is an international economic cooperation body that brings together experts from government, business, and academia. It serves as APEC's think tank, offering policy solutions to major economic issues in the Asia-Pacific region. As South Korea is serving as the chair of APEC this year, the Korean National Committee for PECC organized this general meeting.
In his opening remarks, Lee Siwook, President of the Korea Institute for International Economic Policy, reflected on PECC's long history and role, stating, "Since its founding in 1980, PECC has led the launch of APEC in 1989 and served as an important bridge for regional cooperation." In his subsequent welcoming address, Kim Changbum, Executive Vice Chairman of the Federation of Korean Industries, said, "As Korea's leading economic organization, we will support PECC so that it can continue to serve as APEC's core think tank and a trusted policy platform for various stakeholders." Prime Minister Kim Minseok also expressed his hopes in a video message, saying, "I hope that the discussions at PECC will develop into concrete projects that provide practical benefits to APEC member economies." Yeo Han-koo, Trade Minister at the Ministry of Trade, Industry and Energy, delivered a keynote speech on recent global trade trends, including the conclusion of the Korea-U.S. tariff negotiations, and on South Korea's role in strengthening regional cooperation.
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