Innovation and Digitalization Top Agenda at Ministers’ Joint Session
For the first time, APEC ministers responsible for finance and structural reform convened a joint session to chart a common agenda for innovation and digitalization. They recognized the transformative role of emerging technology in shaping productivity, competitiveness and sustainable economic growth across the Asia-Pacific.
Meeting in Incheon, ministers explored how economies can accelerate digital transformation, including through artificial intelligence (AI), research and development, regulatory reform and talent development. The discussion underscored how innovation can translate technological progress into real benefits for workers, communities and businesses.
In his opening remarks for the joint session, Dr Koo Yun Cheol, Deputy Prime Minister and Minister of Economy and Finance of the Republic of Korea said he asked ChatGPT for its views on how member economies in APEC as a whole could best advance AI and digital transformation.
“ChatGPT said each member economy should establish institutional foundation, foster human capital and promote infrastructure and investment, and APEC, should work cooperatively to enhance policy consistency and interoperability, ensure the safety of digital technologies and strengthen capacity building,” Dr Koo said. “I fully agree with this direction.”
He added that the task is to turn those ideas into concrete actions and how to cooperate going forward, noting that the benefits of AI may not be fairly distributed among all economies.
Dr Koo cited a recent domestic studies showing the transformative economic impact of AI, noting that full adoption could raise Korea’s productivity by 1.12 to 3.2 percent and lift its GDP by 4.2 to 12.6 percent, offsetting demographic headwinds.
Ministers exchanged policy experiences on fostering innovative, digitally enabled economies. Discussions cover enabling conditions for research and development, promoting interoperability and strengthening digital skills and institutional capacity.
The Organisation for Economic Co-operation and Development presented insights on the economic impact of digital transformation, while Korea outlined plans for the 2026 APEC Economic Policy Report on Structural Reform and AI-Driven Digital Transformation. The report will be developed by the Economic Committee together with the Policy Support Unit, aiming to support economies leverage the opportunities of AI and digital transformation across the region.
The joint session precedes the APEC Structural Reform Ministerial Meeting (SRMM), where ministers will continue discussions on how structural reforms can strengthen competitiveness, resilience and support sustainable economic growth across the Asia-Pacific.
For further information or media inquiries, please contact:
[email protected]