1.) Insight: APEC can create jobs, growth via creative economy ( Not Only … But Also ).
South
Korea has looked to the Asia-Pacific Economic Cooperation (APEC) forum to lay
comprehensive guidelines for working toward economic integration. For South
Korea, bolstering the creative economy is an effective strategy for overcoming
low growth and high unemployment. President Park Geun-hye elaborates
her view on the issue and the future of APEC in an interview with The
Jakarta Post’s Yohanna Ririhena.
Question: What do you see as the prospects for the future of APEC in the context of the current situation where there exist numerous free trade agreements and comprehensive economic partnership agreements?
Answer: As of now, a great number of free trade agreements and comprehensive economic partnership agreements have been concluded or are being negotiated. In other words, this situation obviously signifies the increased importance of APEC’s role in the interest of global trade liberalization.
If regional trade agreements, such as the Trans-Pacific Partnership [TPP] and the Regional Comprehensive Economic Partnership [RCEP] for which negotiations are now underway, can be described as tributaries, the Free Trade Area of the Asia Pacific [FTAAP] can be likened to a river and the multilateral trade regime centered on the World Trade Organization [WTO] the sea.
As different tributaries join to form a river flowing into the sea, a variety of regional trade agreements among APEC member economies should harmoniously contribute to the conclusion of the FTAAP and ultimately help reinforce multilateral trade systems around the world. In so doing, APEC should play a crucial role in directing this process onto the right track.
Do you think APEC should focus only on economic issues by taking its hands off topics such as strategies, politics and security that are being discussed in other types of forums?
Economic development and integration in the Asia-Pacific region, the primary goal of APEC, will be made possible only when peace and stability can be brought to the region. For this reason, the APEC member economies have worked hard not only to promote trade liberalization, but also to actively carry out cooperative projects in a wide range of areas, including counterterrorism, prevention of epidemics and response to disasters.
How do you think APEC leaders can make contributions to addressing such pending global issues?
Given APEC’s significant influence as evidenced by the fact that its population and GDP account for 39 percent and 58 percent of the global total, respectively, I believe the forum will be able to play a significant role in resolving pending issues. Such as after the Sept. 11 terrorist attacks, the earthquake that generated the great Indian Ocean tsunami and global food price hikes, APEC leaders put their heads together to seek solutions.
It might be difficult for APEC to directly deal with the crises in Syria, Egypt and some other parts of the world. Notwithstanding this, APEC will still be able to discuss various global issues through the robust network for cooperation and contribute to the promotion of global peace.
What does APEC have to do to bolster the global economy and avoid the recent economic downturns in Europe and the United States?
I think there are three important tasks. First, advanced APEC member nations have to make efforts to minimize the jitters in the global financial market by deliberately fine-tuning any alternation in their monetary policy stance. Second, through the efforts to better the investment environment and reform the labor market, APEC member nations have to eliminate the structural vulnerabilities of each nation’s economy. Third, APEC member nations have to prevent the protectionist moves within the region and spur endeavors for trade liberalization.
Are there new ideas that Korea will seek to put forth at APEC? Or outcomes it is looking forward to?
My first hope is for participating leaders to demonstrate once again their unwavering commitment to achieving the Bogor Goals. I hope we will be able to lay the guidelines for working toward economic integration within the region. As for new ideas, one of the key talking points at the meeting is how to overcome low growth and high unemployment. Korea will propose as its solution to these problems the concept of a creative economy.
The creative economy is a paradigm for economic development that builds on the creative ideas of economic actors to combine science and technology with IT and to promote convergence between different industries as well as between industry and culture, creating in the process new markets and new jobs.
I believe that the creative economy is a compelling strategy for bringing about continued growth and job creation, not only for Korea but also for the rest of the APEC member economies and for the world economy as well.
Question: What do you see as the prospects for the future of APEC in the context of the current situation where there exist numerous free trade agreements and comprehensive economic partnership agreements?
Answer: As of now, a great number of free trade agreements and comprehensive economic partnership agreements have been concluded or are being negotiated. In other words, this situation obviously signifies the increased importance of APEC’s role in the interest of global trade liberalization.
If regional trade agreements, such as the Trans-Pacific Partnership [TPP] and the Regional Comprehensive Economic Partnership [RCEP] for which negotiations are now underway, can be described as tributaries, the Free Trade Area of the Asia Pacific [FTAAP] can be likened to a river and the multilateral trade regime centered on the World Trade Organization [WTO] the sea.
As different tributaries join to form a river flowing into the sea, a variety of regional trade agreements among APEC member economies should harmoniously contribute to the conclusion of the FTAAP and ultimately help reinforce multilateral trade systems around the world. In so doing, APEC should play a crucial role in directing this process onto the right track.
Do you think APEC should focus only on economic issues by taking its hands off topics such as strategies, politics and security that are being discussed in other types of forums?
Economic development and integration in the Asia-Pacific region, the primary goal of APEC, will be made possible only when peace and stability can be brought to the region. For this reason, the APEC member economies have worked hard not only to promote trade liberalization, but also to actively carry out cooperative projects in a wide range of areas, including counterterrorism, prevention of epidemics and response to disasters.
How do you think APEC leaders can make contributions to addressing such pending global issues?
Given APEC’s significant influence as evidenced by the fact that its population and GDP account for 39 percent and 58 percent of the global total, respectively, I believe the forum will be able to play a significant role in resolving pending issues. Such as after the Sept. 11 terrorist attacks, the earthquake that generated the great Indian Ocean tsunami and global food price hikes, APEC leaders put their heads together to seek solutions.
It might be difficult for APEC to directly deal with the crises in Syria, Egypt and some other parts of the world. Notwithstanding this, APEC will still be able to discuss various global issues through the robust network for cooperation and contribute to the promotion of global peace.
What does APEC have to do to bolster the global economy and avoid the recent economic downturns in Europe and the United States?
I think there are three important tasks. First, advanced APEC member nations have to make efforts to minimize the jitters in the global financial market by deliberately fine-tuning any alternation in their monetary policy stance. Second, through the efforts to better the investment environment and reform the labor market, APEC member nations have to eliminate the structural vulnerabilities of each nation’s economy. Third, APEC member nations have to prevent the protectionist moves within the region and spur endeavors for trade liberalization.
Are there new ideas that Korea will seek to put forth at APEC? Or outcomes it is looking forward to?
My first hope is for participating leaders to demonstrate once again their unwavering commitment to achieving the Bogor Goals. I hope we will be able to lay the guidelines for working toward economic integration within the region. As for new ideas, one of the key talking points at the meeting is how to overcome low growth and high unemployment. Korea will propose as its solution to these problems the concept of a creative economy.
The creative economy is a paradigm for economic development that builds on the creative ideas of economic actors to combine science and technology with IT and to promote convergence between different industries as well as between industry and culture, creating in the process new markets and new jobs.
I believe that the creative economy is a compelling strategy for bringing about continued growth and job creation, not only for Korea but also for the rest of the APEC member economies and for the world economy as well.
Over
the past 20 years, we have observed a partial reversal in trends: a movement
away from trade liberalization toward protectionism. Do you see this kind of
trend in effect among APEC member economies? If so, what kinds of measures do
you think should be taken to address this?
As economic conditions worsen, protectionism can become more tempting. Yet history has taught us that in the face of growing economic difficulties, all countries must come together to expand openness and promote trade; when this happens, all of us can win. It’s a clear message that the efforts of all member countries are needed to block the spread of protectionism.
As economic conditions worsen, protectionism can become more tempting. Yet history has taught us that in the face of growing economic difficulties, all countries must come together to expand openness and promote trade; when this happens, all of us can win. It’s a clear message that the efforts of all member countries are needed to block the spread of protectionism.
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