Gyeongju: The Asia-Pacific Economic Cooperation (APEC) summit entered its final phase as leaders sought to reach a consensus on issues of free trade and multilateralism. The summit, hosted by South Korea, unfolded against the backdrop of the ongoing trade tensions between the United States and China.
According to Yonhap News Agency, the forum saw discussions centered around artificial intelligence (AI) and demographic shifts, initiatives strongly backed by South Korea. President Lee Jae Myung emphasized the need for "creative solutions" to address these challenges, proposing an AI initiative to facilitate policy exchanges and bridge the AI divide.
President Lee advocated for building an AI-driven society that promotes inclusive growth, highlighting South Korea's determination to capitalize on AI advancements. He proposed the creation of an "Asia-Pacific AI center" aimed at enhancing AI capabilities across the region.
Addressing demographic changes, President Lee suggested a "joint framework" to tackle issues related to population decline. South Korea aims to produce a joint declaration, known as the "Gyeongju Declaration," to underscore its initiatives on AI and demographic changes.
The summit also focused on bolstering economic resilience and growth amid the rising tide of protectionism. On the first day of the summit, Chinese President Xi Jinping called for the protection of the multilateral trading system and proposed forming an "Asia-Pacific community" to counter uncertainties.
The critical question remains whether APEC leaders can agree on a path forward for international trade, given their diverse perspectives on the global free trade order supported by multilateralism and the World Trade Organization (WTO) system.
Historically, APEC declarations have endorsed a WTO-based free trade system, emphasizing a rules-based multilateral trading system. The adoption of the APEC leaders' declaration requires unanimous support from all member economies.
A separate statement from the APEC Ministerial Meeting will outline efforts to enhance cooperation across several sectors. Following the main session, President Lee will officially transfer the APEC chairmanship to President Xi, with China set to host next year's summit.
President Lee will participate in a group photo with other leaders and hold a press conference to discuss the summit's outcomes. Afterward, he is scheduled for a bilateral meeting with President Xi, followed by a dinner banquet.