On July 5, 2023, the 12th Asia Business Summit took place in Seoul, Korea, with 13 business organizations participating.

The world economy, including the Asian economies, has been greatly affected by trade protectionism and rising inflation caused by prolonged COVID-19 pandemic, fluctuations in the international order due to conflicts between major powers and the war between Russia and Ukraine, and fragmented global supply chain.

In order to resolve social challenges and achieve a sustainable development, it is essential to realize a free trade and open international economic cooperation and "Society 5.0 for SDGs", which denotes a problem-solving society that utilizes innovative science and technology as well as the creativity and imagination of a diverse range of people.

In this situation, Asian economies have collaborated closely with one another and cooperated within international organizations based on the strong trust we have built up over the years. With this shared understanding, the participants attending the Summit exchanged candid opinions and agreed on the importance of the following points.

First, Asian economies, which had achieved very high economic growth as the world's growth center, have been severely affected by restrictions on the movement of people and activities due to the spread of the COVID-19. In this post-pandemic transition, we will strive to further promote mutual understanding and strengthen trust through the people-to-people exchanges within Asia. Furthermore, we will stimulate intra-regional international labor mobility and simplify immigration processes between Asian nations, which will lead to regional prosperity.

Second, amidst growing energy demand in Asia, we will achieve economic growth as well as steadily energy transition towards a decarbonized society by promoting efficient use of energy through mobilizing digital technologies. We will cooperate in developing and implementing innovative technologies for hydrogen and ammonia towards decarbonization of thermal power generations and manufacturing process as well as carbon capture, utilization, and storage (CCUS).

Third, we will promote digital transformation (DX) to create new solutions that contribute to improving productivity and solving social challenges. We will strive to ensure data free flow with trust (DFFT) across the borders, and will promote the interoperability of data management system in accordance with the legal systems of each country and region.

Fourth, in order to achieve sustainable economic growth, it is vital to rebuild the free and open international economic order based on the rule of law. As part of this process, Asia will make more proactive efforts, and promote implementation of the Regional Comprehensive Economic Partnership (RCEP) agreement and the expansion of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) at a higher level.

Fifth, to alleviate supply chain vulnerabilities across Asian nations, we will explore the establishment of a supply chain system for vital resources among Asian business community. The creation of such a system, facilitating cooperation between nations with limited resources and those with abundance, will contribute significantly to the collective growth of Asia. Moreover, we will explore possibilities for joint projects between Asian countries, for the development and adaptation of vital resources in resource-rich countries within Asia or beyond, and for food security and healthcare.

We reached a consensus that the Asia-wide business community will further strengthen coordination and cooperation among business communities in each country and region and call on governments to make concerted efforts in order to realize a more prosperous and vibrant Asia, an Asia that leads the global economy, and an Asia that contributes to the well-being of humankind.