The President arrived home on November 14, wrapping up his visit to Hawaii after attending the 19th Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting. The annual summit was held at the JW Marriott Hotel in Honolulu on November 13, where APEC leaders sought ways to speed up regional economic integration and trade and reinforce deregulation and cooperation in green industries.

During the first session, entitled “Growth and Jobs,” the participating leaders discussed steps to take to boost growth and create jobs in order to ultimately overcome the current economic crisis.

The President emphasized that each member state needs to establish a structure for a virtuous circle, which takes into consideration growth, employment, and welfare in the midst of international-level collaboration. He added that one should never underestimate the potential of innovation-driven growth and employment, instead of taking protectionist measures.

In a luncheon session devoted to Regulatory Reform and Competitiveness, the President led the discussion by introducing successful Korean examples in reforming regulations. He highlighted the Korean government’s efforts conducted upon a set of recommendations from civil societies, which resulted in a significant increase in rank on the Ease of Doing Business Index. In 2011, Korea ranked eighth out of 183 nations on the World Bank’s annual report, drastically rising from 30th in 2007.
 

During the afternoon retreat on “Energy Efficiency and Energy Security,” the President said that the Korean government has pushed the Low Carbon, Green Growth policy in search of energy efficiency and diversification of sources of energy supply. The Korean president emphasized that the country has recognized greening of economic growth as a solution for addressing development challenges, as one of the unconventional approaches and viable strategies for achieving environmentally sustainable growth and socially inclusive development. With such an initiative in mind, the President introduced a number of Korea’s practices designed to meet these needs,

including Smart Grid projects and setting a reduction target for greenhouse gas emissions voluntarily.

At the meeting, the leaders representing the 21 APEC member economies forged the Honolulu Declaration, an agreement toward creating a “Seamless Regional Economy” in the Asia-Pacific Region. The declaration issued at the conclusion of the 19th APEC meeting was an outcome drawn from a relay of discussions on APEC’s agenda, which includes free trade to reinforce economic growth of the region, deregulation to help improve corporate competitiveness, and transitioning toward a global low-carbon economy to support sustainable and balanced growth of the regional and global economy.

Another major outcome of the APEC forum is the launch of the new APEC Travel Facilitation Initiative aimed at making travel across the Asia-Pacific region faster and more convenient. In this regard, Korea and the United States joined hands to make progress on a bilateral Trusted Travel cooperation arrangement.

Once implemented, the Trusted Traveler Partnerships will allow eligible, pre-screened citizens to cut down on waiting time and access fast-track immigration through closely linking Korea’s Smart Entry Service and the U.S.’s Global Entry Program. South Korean travelers are expected to join fellow travelers from Canada and Mexico as part of the U.S. Global Entry scheme, tentatively set for January 2012.

Meanwhile, the President visited the National Memorial Cemetery of the Pacific in Punchbowl Crater on November 12 to participate in wreath-laying ceremonies and pay his respects to American veterans who participated in the Korean War.

Later that day, the President, joined by First Lady Kim Yoon-ok, met with Korean residents in Hawaii. While delivering a speech, the President didn’t hide his excitement about the advancement of the Korea-U.S. alliance and the recent ratification of the Korea-U.S. Free Trade Agreement (KORUS FTA) by the U.S. Congress, which are expected to reinforce bilateral ties alongside a rise in exports and job creation.

The President also urged the Korean community’s cooperation for heightened awareness, while introducing a number of events slated to take place next year in Korea, including the 2012 Seoul Nuclear Security Summit and the International Exposition in Yeosu.