Gyeongju: President Lee Jae Myung is set to navigate high-stakes diplomatic discussions as he hosts the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju this week. A key highlight of the event includes bilateral talks with U.S. President Donald Trump, addressing ongoing security and trade issues.
According to Yonhap News Agency, the APEC gathering has gained significant attention with both Trump and Chinese President Xi Jinping scheduled to meet in South Korea. There is also speculation about a potential meeting between Trump and North Korean leader Kim Jong-un. The main APEC Economic Leaders' Meeting will be held on Friday and Saturday, focusing on whether member countries can adopt a joint declaration amid challenges to free trade and multilateralism.
Throughout the week, global business leaders will gather in South Korea for economic events aimed at attracting new investment. President Lee plans to speak at the APEC CEO Summit on Wednesday and engage with business leaders, while Trump is expected to deliver a keynote address at the summit. However, Trump is unlikely to participate in the main leaders' sessions.
This APEC summit offers Lee a unique opportunity to host U.S. and Chinese leaders shortly after taking office. Lee is scheduled to meet with Trump on Tuesday and with Xi on Saturday. Efforts are also underway to arrange a meeting with Japan's new Prime Minister Sanae Takaichi on Thursday.
The discussions with Trump hold particular significance as South Korea and the U.S. are in the midst of negotiations concerning South Korea's $350 billion investment pledge. This deal aims to reduce U.S. tariffs on Korean goods. The outcome of these negotiations remains uncertain as both sides continue to address key issues, including financing the investment package.
Wednesday's meeting will be the second in-person encounter between Lee and Trump, following their initial talks in August at the White House. Lee's meeting with Xi, marking Xi's first visit to South Korea in 11 years, will focus on strengthening bilateral relations and regional security, particularly the stabilization of the Korean Peninsula.
Tensions with North Korea remain high after Pyongyang rejected Lee's outreach and reinforced ties with Russia and China. South Korea seeks to manage its relationship with China while maintaining close alignment with the U.S. amidst the growing rivalry between the two powers.
On the sidelines, Lee is scheduled to meet leaders from Canada, the United Arab Emirates, Singapore, and other nations to discuss practical cooperation. Speculation about a potential surprise meeting between Trump and Kim Jong-un persists. While traveling to Tokyo, Trump expressed a willingness to meet Kim, though North Korea has not responded to this overture.
National Security Adviser Wi Sung-lac stated that there is no current information on a potential Trump-Kim meeting, but South Korea will be ready should the opportunity arise. The last meeting between Trump and Kim took place in June 2019 at Panmunjom, following a social media invitation from Trump.