Seoul: Senior officials from Asia-Pacific Economic Cooperation (APEC) member economies are striving to reach consensus on trade enhancement and barrier reduction as they work towards finalizing a strategic road map ahead of the leaders' summit. The Concluding Senior Official's Meeting (CSOM) concluded its two-day discussions on advancing APEC initiatives, focusing on growth and cooperation.
According to Yonhap News Agency, the CSOM's recommendations are set to be presented at the ministerial meeting scheduled for Wednesday, before being finalized at the leaders' summit on Friday and Saturday. As the chair for this year's APEC, South Korea aims to foster a consensus among members for a joint declaration on trade, digital transformation, and other shared concerns, under the overarching theme of "Building a Sustainable Tomorrow: Connect, Innovate, Prosper."
South Korea is also emphasizing the importance of regional collaboration on artificial intelligence cooperation and demographic change responses. A critical element of the discussions is the extent to which member economies can agree on the language concerning free trade, amid differing views and a global trend towards protectionism. Historically, APEC leaders' declarations have supported free trade based on the World Trade Organization system and a commitment to multilateralism.
From 2021 to 2024, APEC summit declarations included the phrase supporting a "rules-based multilateral trading system with the WTO at its core," a phrase first used after U.S. President Donald Trump's initial term ended. Consensus from all APEC members is necessary for a leaders' declaration to be adopted.
"The CSOM officials reaffirmed their collective commitment to concluding discussions on the wording of the final summit document to achieve meaningful results," the foreign ministry stated in a release. Discussions at the CSOM also involve a new APEC road map to enhance regulatory readiness and institutional capacity across finance, digital platforms, and the creative economy. Additional topics include food and energy security, as well as social protection policies to ensure long-term well-being against climate and geopolitical risks.