GYEONGJU: The Asia-Pacific Economic Cooperation (Apec) summit was set to close Saturday after a whirlwind of high-stakes diplomacy, with attention focused on whether the leaders of major economies can forge consensus on free trade and multilateralism, Yonhap News Agency reported.
The two-day gathering of 21 Apec member economies, joined by international organisations, has focused on ways to strengthen economic resilience and spur growth amid uncertainties driven by a growing tide of protectionism.
This year’s APEC forum took place amid the ongoing tit-for-tat trade war between the United States and China, with Washington downplaying free trade under its “America First” policy, while Beijing has assumed what was once the US role of championing it.
Taking centre stage at Friday’s Apec summit, Chinese President Xi Jinping called for safeguarding multilateral trading system, proposing creating an “Asia-Pacific community,” in the face of growing uncertainties.
South Korea will host the second session of the Apec summit, as it seeks to produce an outcome endorsed by all Apec participants in a written joint declaration, or the envisioned “Gyeongju Declaration,” and put the spotlight on its own initiatives, such as artificial intelligence and demographic changes.
The Apec leaders have discussed the agenda recommendations put forward from the ministerial meetings on ways to promote prosperity in the Asia-Pacific region through such efforts as strengthening cooperation in supply chains and digital transition.
Drawing attention is whether and to what extent the leaders will reach a consensus on charting the path for international trade, as they hold differing views on the global free trade order underpinned by multilateralism and the World Trade Organisation (WTO) system.
Most of the Apec economies have endorsed WTO-based free trade system in their joint declarations in the past few years.
Between 2021 and 2024, all Apec summit declarations included mention of a rules-based multilateral trading system with the WTO “at its core,” which first appeared in the 2021 declaration, after Trump’s first term ended.
A leaders’ declaration can only be adopted by consensus, with support from every single Apec member.
A separate statement from the Apec Ministerial Meeting will also be released, detailing efforts to expand cooperation in various sectors.
South Korea President Lee Jae Myung will lead the final summit session, and will join the rest of his visiting counterparts and other guests for a group photo.
Lee will then hold a press conference to explain the outcome of the summit.
After the summit wraps up, Lee is scheduled to hold his first bilateral meeting with Xi, which will be followed by a dinner banquet.
