[Current Affairs Terms]Gyeongju Declaration

◆ The 'Gyeongju Declaration' is the official leaders' statement adopted at the Asia-Pacific Economic Cooperation (APEC) Summit held in Gyeongju, South Korea, from October 31 to November 1 this year.

The declaration is structured around the theme proposed by South Korea, this year's APEC chair, "A Sustainable Tomorrow We Create," and the three core priorities of "Connectivity, Innovation, and Prosperity."

Key points include a reaffirmation by the 21 member economies of their commitment to cooperate on major regional economic issues such as trade and investment, digital innovation, and inclusive growth.

Notably, for the first time, the declaration recognizes the "cultural and creative industries" as a new growth engine for the Asia-Pacific region. It also encapsulates the members' shared awareness and willingness to cooperate on artificial intelligence (AI) and demographic changes. Initiatives such as the "APEC AI Initiative" and the "APEC Joint Framework for Responding to Demographic Changes" were also adopted.

However, the declaration does not include explicit support for free trade. Instead, it outlines a market-driven approach to regional economic integration and discussions on the Free Trade Area of the Asia-Pacific (FTAAP).

This declaration is significant as it establishes a common framework for strengthening economic cooperation among the 21 Asia-Pacific economies amid growing uncertainty in the global trade environment.

South Korea played a leading role as chair, coordinating differences among member economies during the adoption process, marking a diplomatic achievement. (Economics Department, Seon Mi Jeong)

(Seoul=Yonhap Infomax)

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