Asia-Pacific experts gather at Yeouido, helping pave the way for the success of the 2025 APEC Summit
- The General Meeting of the Pacific Economic Cooperation Council (PECC), the think tank for APEC, was held in Seoul for the first time in 20 years on the occasion of the 2025 APEC Summit in Gyeongju
- Professor James Robinson, Nobel Laureate in Economics: “APEC may serve as an alternative approach to the global rise of protectionism.”
- Stronger joint regional responses are necessary for overcoming the common challenges of trade, AI, and demographics and to achieve “shared prosperity”
- The results of the General Meeting will be compiled into the Yeouido Declaration and submitted for policy agenda consideration at the 2025 APEC Summit
With the 2025 APEC Summit (October 31) due to be held in Gyeongju, Korea, more than 300 experts on the Asia-Pacific region gathered in Yeouido. The Federation of Korean Industries (“FKI”) jointly organized the 32nd Pacific Economic Cooperation Council (PECC) General Meeting with the Korea Institute for International Economic Policy (KIEP) at the Grand Ballroom of the FKI Conference Center on August 12.
The PECC, with its 45-year history, gave rise to APEC and serves as the
organization’s key Asia-Pacific policy platform
The PECC (Pacific Economic Cooperation Council) is an international economic cooperation body that serves as APEC’s think tank and an official observer. The organization is composed of experts from government, business, and academia and it provides policy recommendations on the region’s key economic current issues. The Korea National Committee for Pacific Economic Cooperation (KOPEC) represents Korea at the PECC and was the host of this year’s General Meeting.
Held in Korea for the first time in 20 years, this year’s PECC General Meeting supports Korea’s role as host country of the APEC Summit. The General Meeting was held under the theme of “Reimagining Asia-Pacific Cooperation: Trade, AI, and Demographics in a Shifting Global Landscape” with in-depth discussions on the △Shifts in global trade landscape; △AI technological innovation; and △Outlook on complex challenges from demographic changes.
Siwook Lee, president of KIEP (Co-chair of KOPEC) highlighted PECC’s enduring history and important role in his opening remarks: “Since PECC was founded in 1980, the organization played a leadership role in launching APEC in 1989 and has served as a key bridge for regional cooperation.” Chang Beom Kim, vice chairman and CEO of FKI, stated in his welcoming remarks that, “As the flagship business organization in Korea, FKI will continue to support the PECC’s continuing role as a trusted policy platform and the key think tank for APEC.” Prime Minister Min-seok Kim also expressed his hopes that “The discussions at PECC would develop into tangible projects that delivers practical benefits to APEC member economies” through pre-recorded congratulatory remarks. Han-koo Yeo, minister for trade of Korea, then delivered the plenary speech on the current trends in the global trade landscape, including the recent trade agreement between Korea and the U.S., and Korea’s role in enhancing regional cooperation.
APEC’s principle of Open Regionalism:
A suitable concept for envisioning a “new global architecture”
Ahead of the main sessions, Professor James Robinson of Chicago University and laureate of the 2024 Nobel Prize in Economics held a special dialogue session with Chul Chung, president of the Korea Economic Research Institute (Co-chair of KOPEC). Professor Robinson is a leading expert on institutional economics, having analyzed the relationship between institutions and economic growth with professors Daron Acemoglu and Simon Johnson. He has also expressed continued interest in Korea’s history of economic advancement.
Speaking on the current crisis of multilateralism, Professor Robinson’s diagnosis was that “Fundamentally, the current crisis stems from existing institutions failing to serve all countries and all peoples.” He added, “the APEC principle of Open Regionalism, based on voluntary, open, non binding, and consensus-driven cooperation may serve as an alternative approach to the global regression toward “Closed Regionalism” (Which is characterized by weakened multilateralism and gravitation toward protectionism).”
Professor Robinson also expressed that he thought highly of APEC adhering to the concept of ‘economies’ instead of ‘countries’: “Flexible identities are required of us in these times, and APEC’s approach may be better suited for establishing a new ‘Global Architecture,’ compared to that of the EU.” The professor also expressed high praise for Korea: “Korea is not only a builder of smartphones, ships, and automobiles but the country has also demonstrated astounding economic and cultural creativity, exemplified by the success of K-pop, Squid Game, and K-beauty. Korea has the potential to play leadership roles in various APEC dialogue and cooperative initiatives.”
In-depth discussions on common challenges in the Asia-Pacific region,
including trade, AI, and demographics
The General Meeting was composed of four sessions, and each highlighted common challenges in the Asia-Pacific region.
The keynote of the first session—Global Trade Landscape and World Economy—was delivered by Mr. Robin Harding, Asia Editor of the Financial Times. This was followed by an expert panel discussion where it was agreed that APEC serves as a pivotal ‘laboratory’ or an ‘incubator’ for new trade norms. This is particularly significant given the increasing diminishing effectiveness of multilateral trade agreements, such as the flagship WTO system.
The second session theme was on AI and the session’s keynote was delivered by Professor Atoosa Kasirzadeh of Carnegie Mellon University, an expert in AI ethics and safety governance. Other experts such as Dr. Chihoon Lee, Chief AI Officer at CJ Corporation, joined the ensuing panel discussion. The expert discussion reaffirmed that AI has the potential for explosive growth but expressed concern that it may exacerbate economic disparities among APEC members. They emphasized the need to drive forward the APEC AI Initiative, which embodies ‘inclusive growth’ and ‘shared prosperity.’
The third session’s keynote on demographic changes was delivered by Professor Cai Fang, former vice president of the Chinese Academy of Social Sciences. In the following panel discussion, experts agreed that all APEC member economies face heightened socioeconomic risk, including labor tightness, rising social welfare spending, etc.(Although the scale of risk may vary), and these risks stem from demographic changes such as low birth rates and aging societies. The experts called for a joint response framework against these common challenges, including the establishment of a “Future Prosperity Fund.”
The fourth session’s panel discussion on the path forward for Asia-Pacific regional cooperation was moderated by Dr. Narongchai Akrasanee, chair of TNCPEC. The discussion explored the limitations and potential improvements to the APEC cooperative model amid the general trend of diminishing multilateral cooperation. The experts also discussed strategies to expand regional exchanges among future talent.
The revival of the youth program... The results of the PECC General Meeting will be compiled into the “Yeouido Declaration”
This year’s PECC General Meeting marked the revival of the youth program which had been discontinued since the COVID-19 pandemic. Youth joined this year’s PECC General Meeting through the “KOPEC Youth Ambassadors” program. Twenty highly motivated Korean university students with a focused interest in international cooperation were selected for prior training and preparation to join the General Meeting and some of them pitched AI and demographic policy ideas to Asia-Pacific leaders. Chul Chung, president of KERI (Co-chair of KOPEC), commented: “These youth will drive forward cooperation in the Asia-Pacific in 10 years and their policy proposals are a welcome fresh perspective.” The General Meeting participants were offered a souvenir package of Buldak Spicy Ramen (Sponsored by Samyang Foods) for an iconic K-food experience.
The results of the 32nd PECC General Meeting will be compiled into the “Yeouido Declaration” for submission to the October 2025 APEC Summit. It will include policy suggestions including: ▲Establishing a direction for AI utilization and strengthening member economies’ AI capacities; ▲Exploring new trade paradigms for inclusive growth; and ▲Common strategies for responding to demographic changes. A source from KOPEC, the hosting organization for the General Meeting commented, “The ideas from the private sector experts that were shared during the General Meeting will serve as the basic reference material when formulating the APEC Summit agenda.”
※ [Attachment] Program : The 32nd PECC General Meeting