President Moon Jae-in attends the APEC Business Advisory Council with other world leaders at the Furama Hotel in Da Nang, Vietnam, on Nov. 10. (Cheong Wa Dae)

By Sohn JiAe

President Moon Jae-in, on his visit to Da Nang, Vietnam, to attend the Asia-Pacific Economic Cooperation (APEC) Summit, stressed the importance of a “people-focused economy” at the APEC Business Advisory Council (ABAC) on Nov. 10. “This is the path not only for Korea, but also for the world to take,” he said. 

Pointing out the grave economic inequality and polarization that the world faces, the president said, “To deal with this global issue, the Korean government is pushing forward a ‘people-centered economy.’ We should make all the people from around the world enjoy all the benefits that this people-focused economy offers, like job creation, income-driving growth, innovative growth and a fair economy.”

The president emphasized the fact that efforts to achieve regional economic integration through free trade, a goal that APEC has pursued over the years, should be brought to a new level, saying, “To this end, an agreement for an Asia-Pacific free-trade zone in Lima last year should be fulfilled. The Regional Comprehensive Economic Partnership (RCEP) should be agreed upon as quickly as possible, and, lastly, the benefits of free trade must be spread more fairly.” 

“The path down which APEC marches will be the path down which the global economy will follow. I call on all APEC countries to spearhead this common effort to expand free trade and accomplish inclusive economic growth,” President Moon said. 

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