Lee credits APEC talks for boost to trade, defense ties

President Lee Jae-myung said on Nov. 4 that he and his team poured their hearts and souls into achieving the best possible outcome under the worst circumstances, referring to the results of the Asia-Pacific Economic Cooperation summit in Gyeongju and bilateral meetings held on its sidelines.

In his policy address to the National Assembly on next year’s budget, Lee said, “For the first time in APEC history, we agreed to work together on global challenges such as artificial intelligence and demographic shifts driven by low birthrates and aging populations.” He added, “Through the Gyeongju Declaration, South Korea was able to take the lead in promoting exchange, prosperity and regional peace across the Asia-Pacific.”

On the conclusion of tariff talks with the United States, Lee said the deal reduced economic uncertainty, adding that securing tariff terms equal to those of competitors in key export sectors, such as automobiles and semiconductors, has created a level playing field for South Korean companies.

Commenting on U.S. approval for South Korea to build nuclear-powered submarines, Lee said “progress in consultations on nuclear fuel supply has strengthened the foundation for self-reliant defense.” He added that the breakthrough, which paves the way for uranium enrichment and the reprocessing of spent nuclear fuel, will bolster the nation’s future energy security.

On his summit with Chinese President Xi Jinping, Lee said, “We agreed to fully restore bilateral relations and move forward as strategic cooperative partners on a path of practical cooperation and mutual benefit.”

Before delivering his policy address, Lee met briefly with National Assembly Speaker Woo Won-shik, Supreme Court Chief Justice Cho Hee-dae, Constitutional Court Chief Justice Kim Sang-hwan and other senior officials. “Thanks to the interest and support of Chief Justice Cho and the heads of the Constitutional Court, the National Election Commission and the Board of Audit and Inspection, we were able to achieve meaningful results,” Lee said. Chief Justice Cho replied briefly, “Yes, yes.”


Hoon-Sang Park tigermask@donga.com