At a busy street corner on the Atsen Gyeongju road, SK Group’s chairman Chey Tae‑won told reporters that the week‑long APEC CEO Summit in South Korea was a “golden chance” for global firms to navigate rising protectionism.
Chey, who also leads the Korea Chamber of Commerce and Industry, spoke to several YouTube channels when the 1,700‑person business gathering kicked off on Tuesday. He said the conference would bring leaders from all 21 APEC economies in a way that could offer fresh ideas for countering trade barriers.
The summit runs from Tuesday to Friday, while the APEC leaders’ meeting takes place at the same time in Gyeongju – about 275 kilometres southeast of Seoul. Chey highlighted that it is an especially crucial moment for tracking how the U.S. and China will move forward amid their increasingly heated trade spat. He noted that though the U.S. president and China’s president are set to meet, it will be their first conversation since tensions spiked, and many expect it to shape the next circular of trade policies.
Looking at South Korea’s own outlook, Chey called for stronger ties with Japan to tackle protectionism and “economic fragmentation.” He argued that the old free‑trade model no longer works in a WTO‑dominated world where tariffs limit export growth. He said the two neighbours could together build an economy of scale—creating a market that could grow to about US$6 trillion—and better manage external shocks.
Chey also urged the country to beef up AI investment. “The U.S. and China will keep fighting over AI,” he said, comparing the race to the Cold‑War‑era arms race. “We cannot afford to fall behind, so we must keep investing, even with all the geopolitical uncertainty.”
The APEC CEO Summit, with its mix of business giants, tech leaders, and policymakers, offers a rare opportunity to test new strategies for a multilateral, trade‑constrained world. As global markets watch closely, Korean trade officials and business owners are listening for the next steps that could keep the country competitive in a storm of protectionism.
Source: ianslive
Stay informed on all the latest news, real-time breaking news updates, and follow all the important headlines in world News on Latest NewsX. Follow us on social media Facebook, Twitter(X), Gettr and subscribe our Youtube Channel.
