Gyeongju: Asia-Pacific leaders have reached a consensus on the importance of cultural and creative industries as catalysts for economic growth, marking a significant first in their collective declarations. The agreement, known as the Gyeongju Declaration, emerged from the Asia-Pacific Economic Cooperation (APEC) summit, which represents over half of the global economy.
According to Yonhap News Agency, the declaration was the result of a two-day meeting attended by 21 APEC member economies, including the United States, China, Japan, Russia, and other countries in Southeast Asia and the Pacific, as well as Peru and Chile. The Gyeongju Declaration acknowledges the positive impact of cultural and creative industries (CCIs) on economic growth and emphasizes their role in fostering interpersonal connections and mutual understanding among member economies.
The declaration, spearheaded by South Korea, is the first to highlight the significance of CCIs, with an aim to position them prominently in APEC's agenda. It also points out that advancements in artificial intelligence (AI) are expected to facilitate cultural and creative production and consumption processes.
The annual APEC forum serves as a platform for discussing strategies to promote economic growth and address common challenges such as trade, investment, digital transformation, and climate change. In recent years, the forum has focused on achieving consensus on free trade amid rising protectionism.
This year's APEC meeting reaffirmed the importance of robust trade and investment for regional growth and prosperity, with leaders committing to continue cooperation in these areas. However, unlike previous years, the declaration omits language supporting a multilateral trade system, reflecting differing views among major economies.
The declaration's adoption required unanimous support from all member economies, and President Lee Jae Myung noted in a press conference that the document reflects APEC members' commitment to regional recovery and growth. Despite differing opinions on including a separate chapter on trade and investment, consensus was achieved.
In addition to trade, the declaration emphasizes technological advancements driven by AI and demographic changes, which South Korea, as the host, promoted as key issues necessitating APEC economies' cooperation. Two separate documents were also adopted, focusing on promoting economic growth through AI innovation and addressing demographic challenges such as low birth rates and aging populations. The leaders called for efforts to build resilient social systems, modernize human resources, and enhance health and care systems using digital technologies.