Incheon: Finance ministers from the Asia-Pacific Economic Cooperation (APEC) member economies have adopted a new five-year road map, known as the Incheon Plan, which focuses on inclusive transformation centered on artificial intelligence (AI). This adoption was announced by Finance Minister Koo Yoon-cheol during a press conference concluding the APEC Finance Ministers' Meeting in Incheon, ahead of the official APEC Summit next week.
According to Yonhap News Agency, ministers and senior officials from the 21 APEC member economies have been gathering since Tuesday under the theme of "Building a Sustainable Tomorrow." The Incheon Plan outlines the mid- to long-term direction and key themes for the APEC Finance Ministers' Meetings over the next five years, as stated by Koo. This week's meeting serves as the final ministerial session before the APEC Summit scheduled for October 31 to November 1 in the southeastern city of Gyeongju.
The consensus reached unanimously among all 21 APEC members carries great significance, Koo added, emphasizing that South Korea will work to ensure that the outcomes and discussions from this week's meeting meaningfully contribute to the summit's achievements. Highlighting global shifts, such as major countries' trade policies and heightened AI competition, the top South Korean economic policymaker stressed the importance of regional policy coordination and cooperation.
Koo expressed concerns that if AI development is concentrated only among a few major countries, such as the United States and China, other APEC members risk being left behind in the digital economy, potentially leading to a serious gap. Proposed by South Korea, the Incheon Plan includes finance track discussions on AI transformation for the first time, aimed at fostering an innovation ecosystem and ensuring equitable economic opportunities to broaden the scope of APEC's financial cooperation agenda.
The member economies have agreed on four priorities: market-based fair competition, improved business environments, the promotion of innovation and digitalization, and the realization of economic potential for all. Additionally, the ministers adopted a plan to improve the business environment with a collective goal of achieving a 20 percent improvement across five priority areas, such as market entry.
Based on the outcome, the APEC Economic Committee will subject its annual report to concrete directions for cooperation aimed at building a secure AI ecosystem and narrowing the digital divide. The report, titled "Structural Reform and AI-Driven Digital Transformation" for the 2026 edition, is the committee's flagship annual publication, analyzing structural reforms across APEC economies.
Yoon Jeong-in, a finance ministry official in charge of organizing the meeting, stated that next year's report is expected to reflect specific cooperation directions, such as promoting AI and digital transformation in the region, building a secure digital ecosystem, and bridging the digital divide. South Korea chaired the ministerial-level APEC meetings for the first time in 20 years, hosting both the Finance Ministers' Meeting and the APEC Structural Reform Ministerial Meeting jointly.
APEC ministers responsible for structural reform reaffirmed that reforms are central to sustainable economic growth, particularly amid growing global uncertainty. In a joint statement, they recognized that structural reform is central to economic growth for all, amid global uncertainty, technological developments, and demographic shifts.
The finance ministry highlighted that the successful hosting of the meetings provided an opportunity to promote South Korea's economic growth strategies and vision, including its response to the era of AI transformation. By introducing new models for policy cooperation, such as the joint session and joint luncheon, South Korea positioned itself as a "policy incubator," helping shape the future direction of APEC collaboration, the ministry added.