Seoul
South Korea’s Trade Minister Cheong In-kyo attended the APEC CEO Summit in Peru, engaging in discussions with global business leaders on strengthening supply chains. The summit, part of the Asia-Pacific Economic Cooperation (APEC) gathering, focused on enhancing cooperation in the region, his office said on Friday.
Minister Cheong took the opportunity to gain insights from Peru on preparations for the 2025 APEC summit, which South Korea will host in Gyeongju. He also attended a session organized by the U.S. National Center for APEC, where he met with U.S. business leaders, including Microsoft’s Antony Cook. The discussions centered on the need to bolster economic ties between South Korea and the U.S., particularly in the field of supply chains for key industries such as artificial intelligence chips.
Cheong held bilateral meetings with counterparts from Thailand, Indonesia, Singapore, New Zealand, and Australia, exploring strategies to address potential shifts under the incoming U.S. administration.
In related news, South Korea saw a 6.9% drop in container shipping costs to China in October, marking the first decline in nine months. However, compared to the previous year, shipping costs remained higher due to increased shipment volumes and disruptions in the Middle East maritime route, impacted by strikes in the Red Sea. Despite the decline, costs from South Korea to other major trading partners like the U.S. and the EU also decreased in October.
