Gyeongju: The Asia-Pacific Economic Cooperation (APEC) leaders' summit commenced with world leaders assembling to address methods to enhance resilience and drive growth in the face of increasing unilateral trade barriers and other challenges. The two-day event has gathered leaders from 21 APEC member economies, guest nations, and international organizations, with a primary focus on sustaining free trade and enhancing regional economic integration.
According to Yonhap News Agency, prominent figures such as Chinese President Xi Jinping and Japanese Prime Minister Sanae Takaichi have arrived in Gyeongju for the forum. U.S. President Donald Trump, however, has opted out of the leaders' summit after participating in a business forum and holding discussions with President Lee Jae Myung and Xi. The summit's inauguration saw President Lee welcoming his counterparts and guests, underscoring the theme "Towards a More Connected Resilient Region and Beyond."
The presidential office indicated that discussions would revolve around making the Asia-Pacific region more open, dynamic, and resilient. President Lee aims to act as a mediator to foster consensus on the necessity of closer cooperation, with the goal to reinforce the region's commitment to collaboration and explore measures for APEC to maintain its status as the region's pivotal economic forum.
As the host, South Korea seeks to achieve a unanimous outcome through the anticipated "Gyeongju Declaration" while highlighting its initiatives, including artificial intelligence and demographic shifts. Over the summit's two sessions, leaders will evaluate recommendations from APEC's top foreign and trade officials on enhancing prosperity in the Asia-Pacific through strengthened supply chains and digital transitions.
A central topic of interest is whether leaders can align on the trajectory for international trade amidst differing views on the global free trade order, supported by multilateralism and the WTO system. Most APEC economies have historically endorsed WTO-based free trade, reaffirming their multilateral commitments in declarations since 2021.
The adoption of a leaders' declaration requires unanimous support from all APEC members. Following the final APEC ministerial meeting, South Korean Foreign Minister Cho Hyun expressed optimism about reaching a joint declaration, noting ongoing negotiations on the ministerial statement to be presented to the leaders.
Trade Minister Yeo Han-koo, co-leading the ministers' session, reported broad agreements in supply chain, digital, and environmental sectors, deeming them crucial to contemporary trade and future economic pillars. He emphasized the importance of continuing support for the WTO-based multilateral regime while also endorsing plurilateral cooperation among a select group of countries.