Seoul: Asia-Pacific leaders on Saturday reached a consensus that trade and investment should evolve to offer benefits for all, as outlined in a joint declaration at the conclusion of their regional forum meetings. The Asia-Pacific Economic Cooperation (APEC) finalized the Gyeongju Declaration during the two-day event, which involved 21 APEC members contributing to over half of the global economy.
According to Yonhap News Agency, the declaration highlights the collective acknowledgment that strong trade and investment are essential for the growth and prosperity of the Asia-Pacific region. The APEC members, including the United States, China, Japan, Russia, Canada, and others in Southeast Asia, the Pacific, Peru, and Chile, expressed their commitment to enhancing economic cooperation amid a changing global landscape.
This year’s declaration notably omits language reaffirming a commitment to the multilateral trade system, indicating a divergence in trade perspectives among major global economies. The consensus on free trade was a focal point, particularly with the re-emergence of the Donald Trump administration’s “America First” policy and the ongoing trade tensions with China.
Historically, APEC economies have supported a World Trade Organization (WTO)-based free trade order in their joint declarations. However, the current document excludes references to the WTO system, despite previous declarations from 2021 to 2024 emphasizing a rules-based multilateral trading system with the WTO at its core.
The adoption of the APEC leaders’ declaration requires unanimity among all member economies. The declaration also underscores technological progress driven by artificial intelligence and demographic changes, priorities promoted by South Korea as this year’s host.
For the first time, the declaration acknowledges cultural and creative industries as new growth drivers for the region and reflects a shared commitment to cooperation on AI and demographic changes. Additionally, the leaders endorsed two separate documents focusing on an AI initiative and responses to demographic shifts.