Korea Publishes White Paper on First APEC Finance Meeting in 20 Years

The Ministry of Economy and Finance on Wednesday published a white paper documenting the preparation and operation of the Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Meeting, which Korea hosted for the first time in 20 years.

The white paper provides detailed accounts of the entire process from the planning stage to actual operations, according to MOEF. It highlights achievements of new policy cooperation models attempted for the first time in APEC history, including a joint session of finance ministers and structural reform ministers, and a luncheon with members of the APEC Business Advisory Council (ABAC). The document also records creative initiatives that broke from conventional formats, such as venue arrangements incorporating high-tech company exhibitions.

The white paper includes firsthand accounts and recommendations from officials across multiple organizations that helped lead the event, including the Public Procurement Service, National Police Agency, Incheon Metropolitan City, Export-Import Bank of Korea, IBK Industrial Bank, Korea Credit Guarantee Fund, Korea Minting and Security Printing Corporation (KOMSCO), COEX, and Inspire Resort, in addition to MOEF's APEC Finance and Structural Reform Ministers' Meeting Task Force and Multilateral Economic Cooperation Team.

First Vice Minister of Economy and Finance Lee Hyung-il wrote in the white paper's foreword, "2025 is an era of global transformation where AI and the digital economy are accelerating." He added, "Our government established a new economic growth strategy, and we expanded these discussions at the APEC Finance and Structural Reform Ministers' Meeting held in Korea for the first time in 20 years."

The APEC Finance and Structural Reform Ministers' Meeting, held in Korea for the first time in two decades, successfully concluded its three-day schedule in late October. Deputy Prime Minister Choi Sang-mok said at a press conference at the time, "This was a meaningful meeting where Korea, as the host country, took the lead in presenting the agenda and proposed a new cooperation paradigm to respond to changes in the economic order in the AI era."

The finance ministers' meeting, held in Korea for the first time since 2005, ran from October 21 to 23. It marked the first time in APEC history that the finance ministers' meeting was linked with the structural reform ministers' meeting. At the finance ministers' meeting, 21 member economies unanimously adopted the Incheon Plan and a joint statement. The Incheon Plan is a medium- to long-term roadmap outlining discussion directions and topics for APEC finance ministers' meetings over the next five years. Through this plan, member economies agreed to continuously pursue three key tasks: fiscal policy coordination for macroeconomic stability, expansion of digital finance, and financial support for climate change response.

With the publication of this white paper, MOEF has concluded the official activities of the APEC Finance and Structural Reform Ministers' Meeting Task Force, which was launched in October last year. A MOEF official said, "This white paper comprehensively documents the process, achievements, and implications of successfully hosting an international event through public-private cooperation," adding that "it will serve as a useful guideline and reference for those preparing similar international events in the future."