Gyeongju: The Asia-Pacific Economic Cooperation (APEC) leaders’ summit began on Friday, bringing together leaders from 21 member economies, guest nations, and international organizations to discuss strategies for enhancing resilience and fostering growth in the face of increasing unilateral trade barriers.
According to Yonhap News Agency, key figures at the summit include Chinese President Xi Jinping and Japanese Prime Minister Sanae Takaichi, while U.S. President Donald Trump departed after participating in a business forum and holding discussions with South Korean President Lee Jae Myung and Xi. The summit, hosted by South Korea, aims to produce a “Gyeongju Declaration,” focusing on initiatives such as artificial intelligence and demographic changes.
The summit’s theme, “Towards a More Connected Resilient Region and Beyond,” sets the stage for discussions on sustaining free trade and strengthening regional economic integration. President Lee is positioned as a consensus-builder, with the presidential office emphasizing the goal of making the Asia-Pacific region more open, dynamic, and resilient.
The leaders are set to examine recommendations from top foreign and trade officials on enhancing prosperity through strengthened cooperation in supply chains and digital transition. The potential consensus on international trade paths remains uncertain, given differing views on the global free trade order underpinned by multilateralism and the WTO system.
Recent APEC summit declarations have consistently endorsed a rules-based multilateral trading system with the WTO at its core. However, a leaders’ declaration requires unanimous consensus among APEC members.
Following the final APEC ministerial meeting, South Korean Foreign Minister Cho Hyun expressed optimism about adopting a joint declaration, with final negotiations underway. Trade Minister Yeo Han-koo noted a broad agreement on supply chains, digital, and environmental sectors, highlighting their significance in today’s trade agenda and the future economy.
Minister Yeo also emphasized continued support for the multilateral WTO regime while acknowledging the importance of plurilateral cooperation amid current challenges to the WTO system.