Asia-Pacific Economic Cooperation forum reaches consensus on AI transformation

By Saadet Gokce

ISTANBUL (AA) - Finance chiefs from the Asia-Pacific Economic Cooperation (APEC) member economies have reached a consensus on incorporating artificial intelligence (AI) transformation in their new five-year plan, said South Korean Finance Minister Koo Yun-cheol Thursday.

The five-year road map, titled the Incheon Plan, includes finance track discussions on AI transformation for the first time and "outlines the mid- to long-term direction and key themes for the APEC Finance Ministers' Meetings over the next five years," said Koo, according to the Yonhap News.

The 21 APEC member finance chiefs concluded their APEC meeting held in the western port city of Incheon, ahead of the official APEC summit on Oct. 31-Nov. 1.

"The consensus, reached unanimously among all 21 APEC members ahead of the Gyeongju summit, carries great significance," Koo noted.

"If AI development is concentrated only among a few major countries such as the United States and China, other (APEC) members risk being left behind in the digital economy and that gap could become a serious issue," he warned.

Koo highlighted the importance of regional policy coordination and cooperation.

He said member economies agreed on four key priorities: fair market competition, a better business environment, support for innovation and digitalization, and the realization of inclusive economic potential.

The ministers also adopted a plan to improve the business environment, aiming to achieve a 20% increase in five key areas, including market entry, Koo added.