On April 5, 2023, the Korea Institute for International Economic Policy (KIEP) and the National Economic Advisory Council (NEAC) hosted the 2nd Conference of the Asian Council of Economic Policy (ACEP) at the Westin Chosun Hotel in Seoul, South Korea. ACEP, established in 2021 by the NEAC, aims to discuss economic issues and policy responses in Asia and contribute to strengthening regional economic cooperation.

The meeting, held under the theme "Promoting Regional Cooperation in the Post-Covid 19 Era," aimed to explore strategies to respond to the rapidly changing macroeconomic and trade environment after the pandemic with the participation of representatives from Korea, ASEAN 6 countries, and international organizations.

Representatives from the NEAC, major economic advisory organizations in Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam, as well as experts from major international organizations in the region, such as the Asian Development Bank (ADB), ASEAN+3 Macroeconomic Research Office (AMRO), and the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), and ambassadors from ASEAN member states participated in the meeting.

Dr. Inho Lee, Vice Chairman of the NEAC, emphasized in his opening remarks that the economic changes after the pandemic present opportunities for the Asian region. He suggested that Asia should leverage its strengths, such as production hubs, key raw material suppliers, and giant markets, to pursue strategic interests.

Dr. Heungchong Kim, President of the KIEP, highlighted the importance of policy sharing among countries in the region to address major challenges faced by Asia in his welcoming speech. President Kim expressed hope that the meeting would contribute to activating regional economic cooperation and strengthening economic security.

The meeting was divided into three sessions: the first session discussed the economic outlook and risk factors in the post-pandemic era; the second session addressed cooperation in the regional supply chain during the era of decoupling; and the third session discussed ways to expand regional economic cooperation under the India-Pacific Economic Framework (IPEF).

Experts from seven countries, including Korea, and international organizations such as the ADB, AMRO, and UNESCAP, participated in presentations and discussions.

This meeting marks the first in-person meeting, in contrast to the inaugural launch meeting (held in November 2021) that was conducted in a hybrid format of online and offline channels due to the pandemic's aftermath. Furthermore, the addition of advisory organizations from Thailand and the Philippines, along with the participation of regional and international organizations beyond the existing participating countries of Indonesia, Malaysia, Singapore, and Vietnam, significantly expands the event's scope and importance.

- Title: The 2nd Conference of the Asian Council of Economic Policy 

- Theme: Promoting Regional Cooperation in the Post-Covid 19 Era

- Date: April 5, 2023 09:30-15:50 

- Venue: The Westin Josun Seoul, Seoul 

- Hosted by: National Economic Advisory Council (NEAC)

- Organized by: Korea Institute for International Economic Policy 

- Contact: Injee Yoo, Senior Researcher, Center for Area Studies (ijyoo@kiep.go.kr)