APEC members agree to establish fund for young people, at senior officials' meeting on Jeju Island

Preparations are underway for the APEC summit in Korea this October, as a meeting takes place in the country involving senior APEC officials, this time, with a focus on raising funds for young people.

Another agenda will include seeking ways to keep trade open with the presence of America's trade chief.

Our foreign affairs correspondent Bae Eun-ji has this report.

Member economies of the Asia-Pacific Economic Cooperation have unanimously approved to establish a fund aimed at supporting and empowering young people.

This was agreed upon during a two-week-long senior officials meeting in South Korea which will be held up until this Friday.

"More than 3,000 officials from APEC member states have gathered here, at the southern resort island of Jeju for the second Senior Officials' Meeting and other related meetings.. as South Korea gears up to successfully host the APEC summit later this year."

This idea of a 'Future Youth Fund' was earlier proposed by South Korea last November, at the APEC summit in Peru.

The Korean government announced Wednesday that it plans to provide an initial contribution of one million dollars.

"As this year's host,.. we played an active role in the second Senior Officials' Meeting and other various ministerial meetings, to overcome mutual challenges and come up with meaningful outcomes."

This comes after South Korea earlier revealed that it hopes to focus on two key agenda items at this year's APEC summit: artificial intelligence and demographic changes led by aging populations.

And from Thursday to Friday, the APEC trade ministers' meeting is set to take place in Jeju.

U.S. Trade Representative Jamieson Greer, who plays a key role in shaping the Trump administration's tariff policy, is expected to be there.

The executive director of APEC said the officials will discuss ways to keep trade open and integrate digital tools such as AI into trade facilitation.

"This is why tomorrow's meeting of the ministers responsible for trade is so important. As executive director of the APEC Secretariat, I've seen firsthand how challenging these times are, but I've also seen how APEC continue to serve as a space for economies to work together even when views differ."

Bae Eun-ji, Arirang News, Jeju.