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November FY2025
Minister Akazawa Visits Gyeongju, Republic of Korea

Minister Akazawa Visits Gyeongju, Republic of Korea

November 1, 2025

Mr. Akazawa Ryosei, Minister of Economy, Trade and Industry, visited Gyeongju, the Republic of Korea (ROK), where he attended the APEC Ministerial Meeting held on Thursday, October 30. Based on the APEC theme “Building a Sustainable Tomorrow,” proposed by the ROK, the host economy, he held discussions on revitalizing trade and investment and realizing sustainable growth in the Asia-Pacific region. He also exchanged views with representatives of each economy on cooperation to ensure the success of the meeting and on bilateral economic relationships.

1. APEC Ministerial Meeting

The APEC Ministerial Meeting was held in Gyeongju, the ROK, chaired by Minister of Foreign Affairs Ambassador Cho Hyun and the Minister for Trade Yeo Han-Koo of the ROK, the host economy in 2026. Minister Akazawa represented the Ministry of Economy, Trade and Industry in the meeting (Mr. Motegi Toshimitsu, Minister for Foreign Affairs, represented the Ministry of Foreign Affairs).

In the meeting, participants held proactive discussions based on topics such as cooperation to address regional challenges, including the rapid development of new technologies such as AI and changes in demographic structures, as well as the roles that the WTO and APEC should play amidst ongoing transformation of the global trading order and the increasing fragmentation of supply chains.

The main remarks made by Minister Akazawa were as follows:

It is important to for APEC members to promote personnel exchanges and encourage partnerships between companies in order to promote innovation and utilization of AI. We will deepen our cooperation with trusted economies towards development and deployment through initiatives like GENIAC, designed to support the development of foundation models and deployment of generative AI.
With electricity demand in the APEC region expected to double by 2060, partly due to the development of data centers in response to the increased use of AI, it is essential to promote the use of decarbonized power sources, with the goal of achieving carbon neutrality in mind.
To make the rules-based multilateral trading system more functional, the WTO needs to demonstrate flexibility and adaptability to change. To this end, concrete efforts should be made to achieve meaningful results, such as the early incorporation of the Agreement on Electronic Commerce in the digital sector into the WTO legal framework and the early agreement on Non-Binding Guidance on Methodologies for Measuring Embedded Emissions in the fields of trade and the environment. Furthermore, we must remain committed to the dispute settlement reform and ensure that disputes are resolved in line with the rules through the Multi-Party Interim Appeal Arbitration Arrangement (MPIA) in the interim until the reform is realized.
We are deeply concerned about the overcapacity that is driven by non-market policies and practices, and strengthening disciplines to address this through the upgrading of regional trade agreements will be the most significant contribution to the global economic order from the Asia-Pacific region. We also support advancing discussions in APEC on appropriate rules governing state-owned enterprises.

As outcome documents the meeting adopted a joint ministerial statement, the Chair’s Statement APEC Republic of Korea 2025, the Statement on the AI Initiative, and the Statement on the Framework for Cooperation on Demographics.

2. Bilateral meetings with participants in the APEC Ministerial Meeting

Minister Akazawa exchanged views with representatives of participating economies on cooperation in making the APEC Ministerial Meeting successful as well as on bilateral economic ties.

(1) Meeting with H.E. Mr. Kim Jung-kwan, Minister of Trade, Industry and Resources, the ROK.

During the meeting, Minister Akazawa expressed his gratitude for the ROK's leadership as the APEC chair. The two ministers discussed the importance of cooperation toward strengthening supply chain resilience and cooperation in the trade field, including strengthening the functions of the WTO amid an international situation of increasing uncertainty, such as the impact on supply chains of recent export control measures concerning critical minerals. They also agreed to continue to work closely together.

(2) Meeting with H.E. Mr. Wang Wentao, Minister of Commerce, China

Minister Akazawa requested that the safety of Japanese nationals in China and predictability of private business be ensured and strongly urged the prompt lifting of the remaining import restrictions on Japanese aquatic products from the 10 prefectures.

Minister Akazawa also expressed strong concerns about China's export control measures, including those on rare earths, and strongly urged China to take appropriate measures. The two ministers confirmed that they will further strengthen communication between their authorities, including through the Japan-China Export Control Dialogue.

The two ministers appreciated the dialogue and exchanges that have taken place between METI and the Ministry of Commerce of China thus far, and agreed that they will continue to utilize various opportunities to maintain close communication, such as the Third Services Trade Policy Dialogue to be held in Tokyo in November and the early convening of the Japan-China Energy Conservation and Environment Forum.

(3) Meeting with H.E. Mr. Marcelo Ebrard, Minister of Economy, Mexico

The two ministers mentioned that Japan and Mexico have steadily increased bilateral trade and investment and built a mutually beneficial economic relationship by utilizing the Japan-Mexico Economic Partnership Agreement and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and expressed their hope for the creation of further business opportunities in new fields such as digital transformation (DX) and green transformation (GX).

The two ministers shared the view on the importance of further strengthening their bilateral economic relationship and collaboration in international arenas including the WTO and the CPTPP.

(4) Informal talk with H.E. Dr. Ngozi Okonjo-Iweala, WTO Director-General

Minister Akazawa conveyed Japan's continued support for WTO reform, and the two sides agreed to cooperate to strengthen the rules-based multilateral trading system, with an eye toward the 14th WTO Ministerial Conference scheduled for March 2026.