APEC declaration champions creative industries as economic driver

The Asia-Pacific Economic Cooperation forum concluded its annual summit with a landmark declaration that for the first time identifies cultural and creative industries as a significant engine for economic growth. The agreement, reached by leaders from the 21 member economies in Gyeongju, South Korea, signals a broader understanding of economic development beyond traditional sectors.

Broadening the Economic Vision

The official declaration, formed under the theme "Connectivity, Innovation, and Prosperity," establishes a wide-ranging set of priorities for the region. These include enhancing trade and investment flows, fostering digital innovation, and promoting inclusive growth, all framed as responses to mounting uncertainties in the global economy. The explicit inclusion of the creative sector marks a strategic expansion of APEC's economic focus.

Annexes on AI and Demographics

Beyond the main declaration, member states endorsed two separate documents championed by the South Korean hosts. One outlines a collaborative initiative on artificial intelligence, aiming to steer the region's approach to this transformative technology. The other addresses shared demographic challenges, such as aging populations, which pose long-term economic risks for several APEC economies.