APEC leaders seek unity on free trade

Attention paid on issuance of joint declaration

President Lee Jae Myung presides over the first session of the 2025 Asia-Pacific Economic Cooperation Economic Leaders' Meeting at Gyeongju Hwabaek International Convention Center in Gyeongju, North Gyeongsang Province, Friday. Yonhap

GYEONGJU, North Gyeongsang Province — Asia-Pacific Economic Cooperation (APEC) leaders on Friday discussed ways to strengthen the multilateral trade system and mutual cooperation to boost regional economic growth and revitalize trade and investment.

Notably, Chinese President Xi Jinping proposed the establishment of a free trade area encompassing the Asia-Pacific region, according to Xinhua News Agency. The proposal was made while U.S. President Donald Trump, whose “America First” policy has fueled protectionist tendencies, did not attend the Economic Leaders’ Meeting in Gyeongju, North Gyeongsang Province.

The leaders or representatives from the 21 APEC member economies held in-depth discussions on strategies to address global economic uncertainty, overcome shared challenges and expand public-private collaboration within the region.

President Lee Jae Myung presided over the first session of the summit, titled “Towards a More Connected, Resilient Region and Beyond,” reaffirming his commitment to fostering regional connectivity and resilience.

In his opening statement, Lee noted that since APEC’s founding, the region’s total output has increased fivefold while intraregional trade has grown tenfold. However, he cautioned against complacency in the face of mounting global challenges, emphasizing that cooperation and solidarity among nations are the only ways to navigate today’s growing uncertainty.

“We stand at an inflection point amid profound shifts in the international order,” Lee said. “The free trade system is undergoing major change, and global economic fragmentation is weakening the momentum for trade and investment. Artificial intelligence brings both unprecedented challenges and opportunities. These are not easy times, but I believe the spirit of cooperation that has guided APEC so far holds the key to overcoming today’s crises.”

He also highlighted Korea’s leadership within APEC since its inception, as the country helped establish APEC through the 1991 Seoul Declaration and spearheaded the Busan Roadmap in 2005 to advance trade liberalization. “The more we stay connected and open to one another, the more we can move forward on the path to shared prosperity,” he said.

President Lee Jae Myung ushers in Chinese President Xi Jinping for the 2025 Asia-Pacific Economic Cooperation Economic Leaders' Meeting at Gyeongju Hwabaek International Convention Center in Gyeongju, North Gyeongsang Province, Friday. Yonhap

Xi echoed similar sentiments during his address at the summit, stressing the need to jointly uphold the multilateral trading system, according to Xinhua. He said APEC members must modernize international economic and trade rules to protect the legitimate rights and interests of developing countries.

Xi proposed five key initiatives: jointly maintaining the multilateral trading system, fostering an open regional economy, ensuring industrial and supply chain stability, advancing digital and green trade and promoting inclusive development.

The Chinese president also called for the establishment of a regional free trade zone called Free Trade Area of the Asia-Pacific, an initiative which has been sought since 2006 among APEC members.

He also called for strengthening the authority and efficiency of the World Trade Organization (WTO), upholding its core principles such as most-favored-nation treatment and nondiscrimination, and safeguarding the interests of developing economies.

Attention now turns to whether consensus can be reached among the member economies to adopt a joint statement, tentatively named the “Gyeongju Declaration.”

Korea’s Foreign Minister Cho Hyun earlier noted that last-minute negotiations were still underway, particularly regarding language on free trade, making it difficult to predict the outcome.

At past APEC summits, leaders issued joint statements underscoring the importance of free trade. However, with the United States taking a more protectionist stance in recent years, reconciling differences among the member economies has become increasingly challenging.

As final consultations on the draft of the declaration continue, the focus is on whether the Gyeongju Declaration will reaffirm APEC’s founding principles of free trade and multilateralism. Observers are closely watching to see if the gaps between the United States and other member economies can be bridged before the summit concludes.

President Lee Jae Myung greets U.S. Treasury Secretary Scott Bessent, who attended the 2025 Asia-Pacific Economic Cooperation summit on behalf of U.S. President Donald Trump, at Gyeongju Hwabaek International Convention Center in Gyeongju, North Gyeongsang Province, Friday. Yonhap

Before the first session began, Lee personally greeted each delegation as they arrived at the meeting venue.

Delegations from all 21 APEC member economies attended, including representatives from the U.S., China, Japan and Australia, as well as United Arab Emirates Crown Prince Khalid of Abu Dhabi and International Monetary Fund Managing Director Kristalina Georgieva. The U.S. was represented by Treasury Secretary Scott Bessent on behalf of Trump.

President Lee Jae Myung greets Japanese Prime Minister Sanae Takaichi at the 2025 Asia-Pacific Economic Cooperation summit at Gyeongju Hwabaek International Convention Center in Gyeongju, North Gyeongsang Province, Friday. Yonhap