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The 2nd Conference of the Asian Council of Economic Policy (ACEP)

10 Apr The 2nd Conference of the Asian Council of Economic Policy (ACEP)

On April 5, 2023, the National Economic Advisory Council (NEAC) and Korea Institute for International Economic Policy (KIEP) held the 2nd Conference of the Asian Council of Economic Policy (ACEP) at the Westin Josun Hotel in Seoul, with the theme of “Promoting Regional Cooperation in the Post-Covid 19 Era.”

The conference aimed to provide a platform for discussing significant regional economic issues, including the challenges of the Asian economy, supply chain resilience, and the Indo-Pacific Economic Framework (IPEF).

During the opening remarks, Prof. LEE Inho, Vice Chairman of NEAC highlighted that “the insights shared during the meeting will serve as valuable assets in promoting regional economic cooperation, especially amid the growing uncertainty in the region.” He also stressed that this conference would shape our region’s economic policies for years to come and pave the way for future gathering of the ACEP.

In his welcome address, Dr. KIM Heungchong, President of KIEP, emphasized the need for collaborative efforts to tackle significant challenges facing the Asian economy, such as rising inflation, vulnerabilities in global supply chains and emerging trade issues. He expressed his belief that the conference would provide a valuable platform for discussing effective strategies to address these pressing issues.

The conference consisted of three sessions. The first session, titled “The Asian Economy of Post-Pandemic Era: Opportunities and Challenges,” was chaired by Mr. Manu BHASKARAN, Council Member of Singapore Institute of International Affairs (SIIA, Singapore) and CEO of Centennial Asia Advisors. Dr. Yothin JINJARAK, Senior Economist of Asian Development Bank (ADB), shared his insights on ‘Asian Development Outlooks: Brighter Prospects despite Ongoing Challenges,’ while Dr. NAM Byunghoon, Senior Economist of ASEAN+3 Macroeconomic Research Office (AMRO), presented on ‘Fiscal Policy Considerations in the Post-Pandemic Era.’ Dr. Ganbold BAASANJAV, Head of East and North-East Asia Office at UNESCAP, presented on ‘Towards Inclusive Recovery from Covid-19 Impact.’ The session also included Prof. CHANG Yongsung, NEAC Council Member and Professor of Seoul National University, and Dr. Peerapat TANDAVANITJ, Director of Economic Forecasting Division at National Economic and Social Development Council (NESDC, Thailand), as discussants.

During the second session Building a Sustainable Supply Chain in an Era of De-globalization”, chaired by Dr. Aniceto Cubil ORBETA Jr., President of Philippine Institute for Development Studies (PIDS, Philippines), Dr. HAN Hyoungmin, Associate Research Fellow of KIEP, delivered a presentation on ‘Challenges and Responses of Supply Chain Disruptions in Korea.’ Mr. NGUYEN Anh Duong, Director of Department for General Economic Issues and Integration Studies, Central Institute for Economic Management (CIEM, Vietnam), presented on ‘Engaging in Global Supply Chains in the New Context: A Vietnamese Perspective.’ Dr. Ir. Edy PRIYONO, M.E, Chief Deputy, Executive Office of the President (KSP, Indonesia) followed with a presentation on ‘National Interest and Regional Supply of Raw Material: Case of Indonesia’. Prof. RYU Yeri, Council Member of NEAC and Professor of Gyeongsang National University, and Dr. Francis Mark Antonio QUIMBA, Senior Research Fellow of PIDS participated in discussion and shared their insights.

The third session was held under the theme of “Enhancing Regional Cooperation under the Indo-Pacific Economic Framework (IPEF)” chaired by Prof. CHEONG Inkyo, Council Member of NEAC and Professor of Inha University. Dr. Peerapat TANDAVANITJ presented on ‘Advancing Trade Facilitation in the Indo-Pacific Region for Sustainable and Inclusive Growth.’ Following this, Prof. Simon TAY, Chairman of SIIA, provided his views on ‘Boosting Digital Trade in the Region: Opportunities and Challenges’. Dr. Francis Mark Antonia QUIMBA presented on ‘Promoting the Regional Cooperation on Clean Energy Transition.’. During the discussion, Prof. KANG In Soo, Council Member of NEAC and Professor of Sookmyung Women’s University and Mr. NGUYEN Anh Duong participated as discussants.

The conference was attended by distinguished experts from the ACEP member countries, international organizations, and the Ambassadors from ASEAN countries to the Republic of Korea. While the first inaugural meeting in November 2021 was held in a hybrid format of online and offline due to the pandemic, the second meeting was held in-person, offering valuable opportunities for ACEP members to network in person. The inclusion of Thailand and the Philippines as new member countries, in addition to the existing members (Korea, Indonesia, Malaysia, Singapore, Vietnam), also adds significance to the meeting.