< Table of Contents > ● APEC Leaders' Meetings : Overview ● Written Interview with President Park : The Jakarta Post ● APEC CEO Summit ● APEC Business Advisory Council (ABAC) ● 1st Session of the APEC Leaders' Meeting ● 2nd Session of the APEC Leaders' Meeting ● ROK-China Summit Talks ● ROK-Mexico / ROK-Peru Summit Talks ● APEC Ministerial Meeting

● President Park leads consensus on trade liberalization at APEC

President Park Geun-hye finished her itinerary in Bali, Indonesia, on October 8, where the two-day APEC Leaders’ Meeting was held. On the first day of the APEC summit, President Park Geun-hye, speaking as the first presenter, stressed the need to strengthen the multilateral trading system, to make progress in the Doha Development Agenda negotiations at the World Trade Organization, to postpone or freeze future protectionist measures and to lift existing protectionist barriers. She encouraged the APEC leaders to reflect on these points and to include them in the final leaders' declaration.



President Park engaged in a series of meetings with other APEC leaders, including both leaders’ meeting sessions, a working lunch and a dialogue session with Southeast Asian countries. During the meetings, she spoke about Korea’s experiences in promoting private investment in infrastructure and Korea’s contribution to economic growth in developing countries while acting as a bridge between advanced and developing economies.

In the second session of the summit meeting, “APEC’s vision for the region’s connectivity,” APEC leaders discussed ways to enhance logistics and communication infrastructure, ways to harmonize regulations among countries and ways to increase human resource exchanges, such as tourism and education.



At the meeting, President Park emphasized that building infrastructure to physically connect neighboring countries is crucial in order to bring APEC closer together. To secure the financial resources required, active cooperation from multilateral banks, such as the World Bank, is just as important as cooperation from the governments and investment from the private sector, said the president.

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● "APEC Can Create Jobs, Growth via Creative Economy" (Written Interview with President Park Geun-hye by The Jakarta Post of Indonesia)

The following is the full text of an interview with President Park Geun-hye by the Jakarta Post of Indonesia on October 7.



☞ Full Text of the Interview
(image and text courtesy of Cheong Wa Dae)

● Creative economy, 'paradigm for innovation': President's keynote address at the APEC CEO Summit

President Park Geun-hye stressed that a creative economy is key to developing the innovation required for sustainable world economic growth, on October 6 at the APEC CEO Summit in Bali, Indonesia.

Delivering her keynote speech, “The Business of Innovation: Why Does It Matter?” to business leaders from across APEC, President Park said that she firmly believes that the vision of a creative economy is key to the innovative paradigm that can help not only Korea but all countries around the globe achieve growth through mutual opening and cooperation.



☞ Full Text of President's Remarks

To realize an administration’s creative economy goals, she said we need to overcome the barriers of regulation, the barriers of finance, the barriers of education and the barriers of international borders. Concerning the first barrier, she went on to explain her administration’s efforts to lift regulations that hinder the combining of, and creation of, industries. Korea is in the process of moving toward a so-called “negative regulatory system” wherein all activities or business are, in principle, allowed and only specific activities or businesses are banned.

This is the second time President Park spoke at a global, multilateral gathering about the importance of developing a creative economy; the first was at the G20 Summit in Saint Petersburg, Russia, in September 2013.



● President Park attends business dialogue at APEC

President Park Geun-hye outlined the Korean government’s efforts to improve the investor-services environment and explained its willingness to reform foreign direct investment (FDI) rules, at the APEC Business Advisory Council (ABAC) during her visit to Bali, Indonesia, for the Asia-Pacific Economic Cooperation (APEC) meeting, on October 7. At the meeting, President Park also explained her administration’s will to continue its push toward deregulation to aid business people across the Asia Pacific region.

President Park engaged in an in-depth discussion with a small group of 12 members, including Malaysian Prime Minister Mohammad Najib bin Tun Abdul Razak, Indonesian Vice President Boediono, Prime Minister of New Zealand John Key and U.S. Secretary of Commerce Penny Pritzker. They discussed trends in the world economy, the future of regional integration within a global multilateral trading system, how to improve regulations to promote investment and, policies to support small- and medium-sized firms.



President Park explained the Korean government’s continuing efforts being made toward improving the business environment for foreign investors and toward upgrading its service economy. This has helped Korea receive good international recognition, President Park replied when asked by Kirill Dmitriev, CEO of the Russian Direct Investment Fund.

President Park also stressed that, since her inauguration, she has led trade-promotion meetings in which business leaders from the private sector and heads of government ministries both participate. The president said that she plans to continue her drive toward deregulation and toward implementing a “negative regulatory system,” one where specific acts or businesses are disallowed. This will help encourage both domestic and foreign investment in Korea and it will remove unnecessary regulations, whether environmental, service industry-related or location requirements, all of which can hinder investment, she said.

When asked by the ABAC moderator, President Park said that she highly values the ABAC. It plays a critical role as a communication channel, enabling opinion-sharing between business leaders on the ground and the leadership of APEC member countries, she said. She also emphasized the Korean government’s efforts made toward listening to business leaders and toward receiving feedback while carrying out its policies. She said that, even if it begins with good intentions, no policy can be successfully implemented if it does not reflect the voices of those it affects. She urged the ABAC to keep playing its role, delivering to government the voice of the private sector.



● President Park urges APEC to push for free trade

President Park Geun-hye urged Asia-Pacific Economic Cooperation (APEC) members to be at the forefront of the global free trade system, during her visit to Bali, Indonesia, for the APEC Leaders’ Meeting on October 7.

In the first session of the APEC Leaders’ Meeting, held at the Sofitel Bali Nusa Dua, President Park, the first presenter, delivered her speech, “APEC's Role in Strengthening the Multilateral Trading System.” She said that, “A free trade policy has the highest efficiency and the lowest cost. It can help with economic revitalization, job creation and can improve consumer welfare, all without having to shoulder a financial burden.”



“To pursue a global economic recovery, it is important to harmonize macroeconomic policies and monetary policy. Having overcome two financial crises, the Korean government realizes the importance of increasing the amount of free trade in the world. The mutual opening of economies is truly important for economic recovery,” President Park said.

In order to promote free trade, President Park emphasized the need to strengthen the multilateral trading system based on World Trade Organization (WTO) agreements, respond to protectionism and coordinate regional integration. In regard to the WTO’s multilateral trading system, she said, “APEC member countries need to become strong supporters of the multilateral trading system. Despite the recent spread of regional protectionism, a multilateral trading system based on WTO rules is needed to strengthen free trade and trading rules and to block protectionism.”

She also said that many people will question the WTO’s role in guaranteeing global free trade and trust in the multilateral trading system will be damaged, if the stalled Doha Development Agenda negotiation does not continue. “APEC leaders need to send a strong message, urging the WTO to continue its trade negotiations,” she said.

Concerning protectionism, President Park said that APEC member countries need to work on preventing the spread of protectionism at the global level. “All countries are tempted to raise protectionist barriers when they undergo difficulties. But we have all learned from history that the spread of protectionism only delays economic recovery,” said the president.

“A small protectionist measure taken in one country could cause another country to increase its protectionist barriers, followed by the possibility of greater protectionism across the region. Protectionists need to be warned that no matter how small their policy, we will make a concerted effort to prevent its spread,” said President Park.

“All countries need to make an effort so that discussions on regional integration can move forward in a transparent manner within APEC. This will help realize the goal of a multilateral Free Trade Area of the Asia Pacific (FTAAP), one of the long-term goals of APEC,” said the president in regard to regional integration.

“If we think of the FTAAP as a mighty river, each series of discussions can be considered to be a small tributary. We need to make these various tributaries flow into the larger river,” said the president, emphasizing the importance of regional economic integration.

☞ Full Text of President's Opening Remarks



● President Park calls for more private infrastructure investment

President Park Geun-hye stressed the importance of boosting private sector infrastructure investment during the second session of the 25th Asia-Pacific Economic Cooperation(APEC) Leaders’ Meeting in Bali, Indonesia on October 8.

In her speech, Park expressed her support for the APEC Framework on Connectivity and for the APEC Multi-year Plan on Infrastructure Development and Investment, both plans put forward by the host, Indonesia.

“To achieve APEC’s long-term vision -- the multilateral Free Trade Area of the Asia Pacific (FTAAP) -- goods and people should be allowed to move freely within APEC,” Park said. “In today’s world, in which finished goods are produced across many different countries, the ease with which goods are transferred from one country to another determines a countries’ competitiveness and its economic growth.”



Speaking on the importance of infrastructure, Park said APEC countries should be more closely connected with each other and that there needs to be an increase in the amount of infrastructure that physically connects APEC nations.

“It takes a large long-term investment to build infrastructure. There is a limit to public finances. So it is necessary to promote the private sector’s involvement in infrastructure investment,” Park said. “Multilateral development banks including the World Bank and the Asia Development Bank need to cooperate so as to eliminate barriers faced by private sector investment.”

Park also said it is important to build new infrastructure but emphasized that it is more vital to effectively utilize existing infrastructure. She also said that intelligent traffic systems could help reduce logistic costs, emphasizing the use of information technologies.

“If APEC nations could utilize infrastructure more effectively with the use of information technology, they could further increase their connectivity without the cost of new infrastructure projects,” Park said.

● President Park holds summit with Xi Jinping at APEC

President Park Geun-hye held summit talks with Chinese President Xi Jinping and exchanged opinions on common issues of interest during her visit to Bali, Indonesia, for the Asia-Pacific Economic Cooperation (APEC), on October 7.

Mentioning the number of North Korean people who chronically suffer from malnutrition, President Park called for the Chinese leader to make efforts to persuade Pyongyang to focus on economic development, not the possession of nuclear weapons.



President Park said that follow-up measures are being carried out in a timely manner to backup the agreement to upgrade bilateral relations, reached by the two leaders at the Korea-China summit in June this year. She thanked the Chinese president for taking an interest in North Korean defectors and in conveying her desire to build a peace park inside the demilitarized zone (DMZ).

In response, President Xi said Korea and China share, “close and precious relations,” mentioning that this summit is the third meeting between the two leaders since their first summit in June this year.

President Xi also said that when President Park paid a state visit to China in June this year the two leaders had in-depth discussions about bilateral relations and issues of common interest both in the region and globally. He emphasized that President Park’s China trip holds great significance in that it would help advance Korea-China relations in a lasting and stable way.

The Chinese leader praised the bilateral relationship by saying that both countries have become, “an important partner for each other across all areas.” He said that the two countries have built a “regular dialogue structure in almost all sectors, including foreign affairs, national assemblies and parliaments, national defense, economy and trade.” He added that, “political trust between the two countries is deepening, backed by joint efforts made by both sides.”



● President discusses cooperation with Mexican, Peruvian leaders

President Park Geun-hye held a series of summit talks with leaders from Mexico and Peru to discuss ways to boost bilateral cooperation, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Leaders’ Meeting on October 7 in Bali, Indonesia.



During the summit meeting with Mexican President Enrique Peña Nieto, President Park expressed her sympathy for the Mexican citizens recently affected by Hurricane Manuel. She said she is aware of Mexico’s heavy hurricane damage and expressed her hope of a quick recovery.

To help bring the two countries closer, President Park invited the Mexican leader to Korea and spoke on the various events that were held last year to mark the 50th anniversary of Korea-Mexico diplomatic relations.

On the same day, President Park held summit talks with Peruvian President Ollanta Humala to discuss ways to boost Korea-Peru cooperation.



President Park expressed her thanks to the Peruvian leader for his affection shown toward Korea. President Humala sent a special Peruvian envoy to President Park’s inauguration in February this year and he delivered a congratulatory speech at the Korean embassy in Lima, Peru, on October 3 in honor of Korea’s Gaecheonjeol or National Foundation Day.

President Park expressed her appreciation for the past 50 years of Korea-Peru diplomatic ties and said that she was pleased that bilateral relations were upgraded to become a comprehensive strategic partnership last year. She also hoped that various events and human resource exchanges designed to mark the 50th anniversary of Korea-Peru diplomatic ties could help bring the two peoples closer together.

● Outcome of the 25th APEC Ministerial Meeting

The 25th Asia-Pacific Economic Cooperation (APEC) Ministerial Meeting took place in Bali, Indonesia, on October 4 and 5.



o The Meeting brought together the Foreign and Trade Ministers from the 21 APEC member economies and the Director-General of the World Trade Organization (WTO).

At the Meeting, the Ministers engaged in discussions on: APEC and the evolving economic integration in the region; support for the multilateral trade regime and the attainment of the Bogor Goals; the promotion of connectivity; and the achievement of sustainable growth with equity, and adopted a Joint Ministerial Statement.

o With regard to economic integration in the region, the delegates from the APEC member economies discussed ways to conclude an FTA of the Asia Pacific (FTAAP), a long-term vision of APEC, in the midst of the increase in negotiations on and conclusion of FTAs with differing provisions.

- Foreign Minister Yun Byung-se stressed that: regional economic integration efforts, such as the Trans-Pacific Partnership (TPP) and the Regional Comprehensive Economic Partnership (RCEP), should be neither mutually competitive nor mutually exclusive; and such agreements should not be a stumbling block to but a building block for the envisioned FTAAP, a view well received by other participants. US Secretary of State John Kerry commended the Minister’s remarks as most significant comment.

- Minister Yun noted that when such agreements are open and mutually harmonious, they can serve as the groundwork of the FTAAP, allowing the Asia-Pacific region to fully reach its growth potential and gain strategic superiority.

- He added that in order to conclude the FTAAP, the parties concerned should learn about and share the progress in negotiations on other FTAs in the region, -- including the one among the ROK, China, and Japan -- their similarities and differences, and work to narrow the gap of FTA related capabilities of those economies.

- Minister Yun pointed out that without the aforementioned efforts, agreements with different provisions on investment, intellectual property rights, and the country of origin could hinder the envisioned FTAAP.

☞ Press Release

☞ Joint Ministerial Statement

*Source: http://www.korea.net

             http://english.president.go.kr (Cheong Wa Dae Website)