Seoul: The upcoming Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting on October 31 and November 1 is set to be a significant diplomatic event for Korea. With U.S. President Donald Trump and Chinese President Xi Jinping expected to attend, the summit marks the first U.S.-China meeting since the start of Trump's second term and the first dual visit by these leaders in 13 years. This gathering presents Korea with a diplomatic challenge and an opportunity to enhance its international standing.
According to Yonhap News Agency, the Gyeongju APEC meeting comes at a critical time as the U.S.-China trade war reignites following Trump's return to office. The summit occurs just days before a crucial tariff suspension between the two nations is set to expire, offering a potential for Trump and Xi to reach a trade agreement that could impact global norms. Korea, heavily reliant on exports, finds itself navigating between its alliance with the U.S. and economic ties with China.
The meeting also presents challenges beyond trade. Negotiations over a proposed $350 billion investment fund with the U.S. have reached an impasse. President Lee Jae Myung warned in a Time magazine interview that agreeing to the fund as it stands could be politically and economically detrimental. Prolonged high U.S. tariffs could harm Korea's export industries, especially if competitors like Japan secure better terms.
Security issues are equally pressing. The APEC meeting could provide an opening for progress on the North Korean nuclear issue. While renewed U.S.-North Korea dialogue remains uncertain, concerns linger over Trump's stance on recognizing North Korea as a nuclear state. Lee's phased approach includes halting further nuclear development, offering economic incentives, and moving toward denuclearization, requiring close coordination with the U.S. and China's commitment.
Lee's "bridge diplomacy" is under scrutiny as Korea seeks to mediate between global powers. Time magazine's cover story on Lee, "The Bridge," highlights his vision of positioning Korea as an active mediator rather than a passive player. Successfully easing tensions could significantly enhance Korea's global stature.
The APEC meeting is a platform to test this vision. Strategic management of bilateral meetings with the U.S., China, and Japan is crucial. Xi's visit, his first to Korea in over a decade, presents an opportunity to reset Korea-China relations and advance their strategic partnership. Navigating the changing global trade order and geopolitical rivalries, Korea aims to identify shared interests and prevent conflict at the summit.
Hosting the summit allows Korea to present a forward-looking image to the world. The theme of "reboot," aligned with Lee's reform agenda, should permeate the summit's diplomacy. Successful mediation and trust-building could safeguard Korea's interests and elevate its role in the international arena.
With weeks to go, the Korean government must deploy all diplomatic resources for a successful summit. The world will be watching Gyeongju, observing not only the decisions of major powers but also Korea's leadership in this pivotal moment.