Stronger ties urged to spur trade growth

Speakers at the APEC CEO Summit in South Korea on Thursday emphasized the need for stronger interconnections and partnerships to promote freer flow of trade and investment and drive sustainable growth.

Thailand's Prime Minister Anutin Charnvirakul called for global and regional cooperation to fight online scams and cyber-enabled crimes, while Vietnam's President Luong Cuong highlighted the importance of maintaining a stable environment to ensure free trade and investment across the Asia-Pacific.

Thani bin Ahmed Al Zeyoudi, minister of foreign trade of the United Arab Emirates, said the UAE's openness to the world remains "our source of strength and it explains our continuing growth trajectory".

"This is a model for the world confronting fragmentation and protectionism," he said. "In a global economy that has never been more interconnected, where we all see new markets and precious resources, the case can only be made for more trade, not less."

In a separate presentation, Eric Ebenstein, senior director of public policy at TikTok, discussed the value of trust in the digital ecosystem, especially with the rise of content developers in Asia-Pacific.

"Trust is what allows participation to flourish. It's what lets creators share openly, businesses grow confidently, and communities connect across borders," he said.

Content creation has a "real-world economic impact" across the region, he said, citing the global rise of South Korean popular culture as an example. He pointed to the success of content related to K-pop, Korean cuisine, beauty products and drama shows on TikTok.

As a case in point, he said a post featuring gimbap (seaweed rolls) went viral on the platform, leading to a nationwide sellout at a major grocery store chain in the United States after gaining rapid traction online.

Other business leaders emphasized the need for multilateral partnerships to ensure resilient and green supply chains across the region.

"We must commit to strengthening social resilience to seek joint solutions for a safer, more sustainable future," said Chang In-hwa, chairman and CEO of Posco Group, one of South Korea's biggest conglomerates.

Companies must "build a bridge", Chang said, adding that Posco is "building a new bridge to establish a sustainable and resilient global supply chain".

He highlighted the company's joint venture with Australia's Hancock Prospecting, Japan's Marubeni Corp, and China Steel Corporation for an iron ore mining project in Western Australia.

The multilateral partnerships show how companies in the Asia-Pacific "are working together to promote shared prosperity and more resilient industrial ecosystem", he said.

High level of trust

Garry Korte, CEO of Hancock Prospecting, said the partnership has generated a high level of trust, noting that Australia's abundant mineral resources complement Posco's technical skills in creating a downstream processing industry.

Paul Grimes, CEO of the Australian Trade and Investment Commission, described the supply chains as the "lifeblood of modern economies and societies", saying they need to be resilient and sustainable.

"Our interconnectedness means we are all potentially vulnerable to shocks that can disrupt the free flow of goods," he said.

Pandemics, extreme weather events and policy challenges continue to test that resilience, he said, adding it would be difficult for private companies alone to resolve these challenges.

This is why it is important for the private sector to partner with the government to address the problem, he said.

Masayuki Omoto, chief executive of Marubeni, echoed the call for collaboration, saying public-private partnerships enable joint projects "to move boldly".