Minister of Economy and Finance Koo Yun Cheol (center) on Oct. 23 announces the results of the Asia-Pacific Economic Cooperation Structural Reform Ministerial Meeting at a joint news conference held at Inspire Entertainment Resort in Incheon. (Xu Aiying)

By Xu Aiying and Charles Audouin

The Asia-Pacific Economic Cooperation's (APEC) inaugural meetings of finance and structural reform ministers were concluded on Oct. 23.

These were the last of APEC's 14 ministerial meetings in 14 sectors held right before the summit.

Minister of Economy and Finance Koo Yun Cheol told a news conference that day at Inspire Entertainment Resort in Incheon's Jung-gu District, "As the chair country, Korea proactively presented the agenda and suggested a new cooperative paradigm to respond to changes in the economic order in the era of artificial intelligence (AI)."

"This agreement is all the more meaningful because it was reached by all 21 APEC member countries ahead of the upcoming APEC summit in Gyeongju (Gyeongsangbuk-do Province)."

The inaugural APEC Structural Reform Ministerial Meeting on Oct. 23 is held at Inspire Entertainment Resort in Incheon's Jung-gu District. (Ministry of Culture, Sports and Tourism)

On Oct. 22, the APEC Structural Reform Ministerial Meeting adopted a joint statement and two annexes urging improvements in the regional market and business environment, promoting AI and digital transformation, and boosting prosperity through expanded economic participation.

Participants also agreed on a 20% improvement in the region's business environment over the next 10 years, specifically in areas like market access and competition and financial services.

On the previous day, the APEC Finance Ministers' Meeting adopted the Incheon Plan outlining the direction of talks on regional economic cooperation the next five years. Korea was the first to present as main agenda items in the finance track AI transformation, creation of an innovative AI ecosystem and provision of equal economic opportunities for all.

"If AI, which is led by the U.S. and China, ends as a league between both countries, most other states will be left out of AI," Minster Koo said. "Korea included measures in its Incheon Plan to reduce inequality and expand opportunities."

"This is the first time for the APEC meetings of finance and structural reform ministers to make AI such a key topic. Korea will seek to ensure that the results and talks from these meetings can lead to substantial outcomes at the APEC summit."

xuaiy@korea.kr