Korea Supports Regional Integration Efforts with New Funds
The move towards greater economic integration in the Pacific Rim has received an added boost with a new USD700,000 donation from the Republic of Korea to the APEC Trade and Investment Liberalization and Facilitation Account.
The voluntary contribution will help to fund APEC projects that strengthen the technical bandwidth of the region’s diverse member economies to deliver next generation trade and growth, and open up economic opportunities for more people.
Officials from Korea’s Ministry of Foreign Affairs and the APEC Secretariat signed a Memorandum of Understanding confiming the arrangement following a policy development meeting of APEC Senior Officials in Arequipa on Sunday, building on a cluster of technical working group discussions over the preceeding ten days.
The contribution will help to fund projects during the balance of 2016, excuted through APEC’s working groups. They include those initiated by APEC Trade Ministers who will convene here on Tuesday and Wednesday intent on fostering a new era of cross-border trade that improves job creation and productivity in the region.
“APEC’s integration agenda continues to bring people and markets in the region closer together," said Dr Alan Bollard, Executive Director of the APEC Secretariat in Singapore, which administers APEC projects mandated by Leaders and Ministers.“Korea’s additional contribution will support the implementation of measures that take advantage of deepening regional ties to drive trade and growth that benefit more people.”
APEC provides funding for around 100 projects annually, with more than USD9 million available in 2015. Examples include technical exchanges, training and reseach that help member economies take forward new integration initiatives, tackle complex behind-the-border barriers to trade, improve supply chain performance and facilitate small business participation in them.
"Korea’s longstanding support for APEC capacity building projects has played a important role in advancing regional integration that has powered the rise of its economy," added Dr Bollard.
"Our efforts are now focused on ensuring that greater inconnectivity and trade in APEC translates into better career development prospects and living conditions for people throughout Korea and the region,” he concluded. “APEC projects in the pipeline will help member economies put policies in place that create equal opportunities needed to ensure their sustainability.”
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Detailed information on APEC projects and funding sources can be found here.
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For additional information, or to arrange possible media interviews with APEC officials, please contact:
David Hendrickson (in Arequipa) +65 9137 3886 at [email protected]
Michael Chapnick (in Arequipa) +65 9647 4847 at [email protected]
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