Stronger ties urged to spur trade growth

At the APEC CEO Summit held in Gyeongju, South Korea, leaders and business executives underscored the critical importance of fostering deeper partnerships to enhance trade, investment, and sustainable growth across the Asia-Pacific region. The event, attended by prominent figures from various nations, focused on addressing challenges such as supply chain resilience, digital trust, and regional cooperation. Thailand’s Prime Minister Anutin Charnvirakul emphasized the need for global collaboration to combat online scams and cybercrime, while Vietnam’s President Luong Cuong stressed the significance of maintaining a stable environment to facilitate free trade and investment. Thani bin Ahmed Al Zeyoudi, the UAE’s Minister of Foreign Trade, highlighted the nation’s commitment to openness as a cornerstone of its economic growth, advocating for increased global trade amidst rising protectionism. Eric Ebenstein, TikTok’s Senior Director of Public Policy, discussed the pivotal role of trust in the digital ecosystem, citing the economic impact of content creation, particularly the global influence of South Korean culture. He shared an example of a viral TikTok post about gimbap (seaweed rolls) that led to a nationwide sellout in the U.S. Other speakers, including Chang In-hwa, Chairman and CEO of Posco Group, called for multilateral partnerships to build resilient and green supply chains. Posco’s joint venture with Australia’s Hancock Prospecting, Japan’s Marubeni Corp, and China Steel Corporation was highlighted as a model of regional collaboration. Garry Korte, CEO of Hancock Prospecting, emphasized the high level of trust generated through such partnerships, while Paul Grimes, CEO of the Australian Trade and Investment Commission, described supply chains as the ‘lifeblood of modern economies,’ underscoring the need for sustainability and resilience. Masayuki Omoto, CEO of Marubeni, echoed the call for public-private partnerships to address global challenges effectively.