However, his time in this role would be brief, as Keating mounted a successful challenge to Hawke's leadership less than a fortnight later. Having promised the portfolio of Transport and Communications to his close ally Graham Richardson, Keating moved Kerin to the role of Minister for Trade and Overseas Development. In this position, Kerin played a key role in preparing the groundwork for the APEC Leaders' Summit at which the Bogor Declaration would be declared, pledging significant movement towards free trade amongst Pacific economies. Despite retaining his role at the 1993 election, at the end of that year Kerin surprised colleagues by suddenly announcing his retirement both from the Government and from Parliament, stating that he wished to move on to other things.