Gyeongju: Chinese President Xi Jinping called for jointly safeguarding the multilateral trading system and practicing true multilateralism in his speech at an Asia-Pacific Economic Cooperation (APEC) gathering, according to a news report. Xi made the call while presenting a five-point proposal for building universally beneficial and inclusive economic globalization in his speech at the 2025 APEC Economic Leaders' Meeting.
According to Yonhap News Agency, Xi emphasized the need for joint efforts to defend the multilateral trading system and create an open regional economic environment. He urged maintaining the stability and smooth operation of industrial and supply chains, as well as promoting universally beneficial and inclusive development. The Chinese president also proposed creating an "Asia-Pacific community" amid growing uncertainties and destabilizing factors, insisting that APEC members must collaborate.
Xi underscored the importance of the World Trade Organization (WTO) as the core of the multilateral trading system, calling for efforts to boost the authority and effectiveness of multilateralism, as embodied by the WTO. He urged regional leaders to help develop an open economic environment that promotes free trade and investment, and to pursue stability in industrial and supply chains collectively.
Additionally, Xi stated that China maintains zero tariffs for the lowest-income economies with diplomatic ties to the country and plans to extend these benefits to African partners, pledging efforts toward mutual development and prosperity. His emphasis on the WTO and multilateralism seems to subtly address the growing U.S. protectionism under President Donald Trump, with whom China is locked in a trade dispute over significant tariff rates.
President Trump visited Gyeongju from Wednesday to Thursday for the APEC meeting but returned home a day before Friday's leaders' summit. The APEC meeting gathered leaders from the 21 member economies and representatives from several international organizations.