Koo Yooncheol: "Reaffirming Regional Policy Coordination... Will Lead to Tangible Outcomes at the Summit"

On October 23, Deputy Prime Minister and Minister of Economy and Finance Koo Yooncheol stated, "Amid rapidly changing global dynamics such as major countries' trade policies and the competition for supremacy in artificial intelligence technology, the adoption of the Incheon Plan has reaffirmed the importance of policy coordination and cooperation within the region."

Yonhap News Agency

Deputy Prime Minister Koo made these remarks prior to a Q&A session with reporters held at the Mountain Room on the first floor of Inspire Resort in Incheon. He added, "This APEC (Asia-Pacific Economic Cooperation) Finance and Structural Reform Ministers’ Meeting was significant, as Korea, as the chair country, proactively set the agenda and presented a new paradigm of cooperation to address changes in the economic order in the AI era."

The government has introduced the ‘Incheon Plan,’ a new roadmap for the APEC finance track for the next five years. The Incheon Plan focuses on innovation in the era of artificial intelligence transformation, sustainable fiscal policy, and inclusive growth for all. Deputy Prime Minister Koo stated, "Since this agreement was reached unanimously ahead of the summit, we will strive to ensure that it leads to tangible outcomes at the leaders’ meeting." He further explained, "The Incheon Plan has, for the first time in the finance track, included the provision of equal economic opportunities for all as a key agenda item, thereby expanding the scope of discussion." He emphasized, "The fact that all 21 APEC member economies reached this unanimous agreement makes it even more meaningful."

Regarding the Structural Reform Ministers’ Meeting, which discussed the direction of structural reforms in the region, he said, "We adopted a joint statement and two annexes, which focus on improving market and business environments, promoting AI and digital transformation, and enhancing prosperity through broader economic participation. This has laid the foundation for systematically advancing structural reform policies within the region."