Leaders from 21 Asia-Pacific nations convened in Gyeongju, South Korea for the annual Asia-Pacific Economic Cooperation (APEC) summit, focusing on regional economic collaboration and shared challenges. The gathering commenced shortly after U.S. President Donald Trump and Chinese President Xi Jinping reached agreements aimed at reducing trade tensions between their countries. Trump announced plans to lower tariffs on Chinese goods, while China agreed to resume exports of rare earth materials and purchase American soybeans—moves welcomed by global markets concerned about prolonged economic instability. n nEstablished in 1989, APEC accounts for over half of the world’s trade volume and promotes open markets and investment to support regional integration. While the forum does not enforce binding commitments, it has historically facilitated cooperation among nations with competing interests. This year’s agenda includes discussions on supply chain resilience, demographic shifts due to aging populations, and the economic implications of artificial intelligence. n nSouth Korean President Lee Jae Myung, hosting the event, emphasized the importance of unity despite differing national priorities, urging participants to work toward mutual prosperity. He called for constructive dialogue on sustaining growth amid a shifting global economic landscape. n nAlthough Trump departed after his bilateral meeting with Xi, attention has turned to the Chinese leader, who is visiting South Korea for the first time in 11 years and is set to meet with both President Lee and Japan’s new Prime Minister Sanae Takaichi. Despite the temporary easing of trade hostilities, underlying competition in technology and manufacturing remains intense. n nLeif-Eric Easley, a professor at Ewha Womans University, noted that while the temporary de-escalation between Washington and Beijing prevented worst-case trade scenarios, broader multilateral efforts are still needed. He stressed the importance of combating protectionist trends, aligning regulations for sustainable commerce, and setting common standards for digital innovation. n nSouth Korean officials are encouraging all 21 member economies to issue a joint declaration supporting regional peace and prosperity, aiming to avoid a repeat of the 2018 summit in Papua New Guinea, where no final statement was released due to disagreements over trade policy. While a strong consensus on free trade may be unlikely, organizers anticipate a broader agreement highlighting stability and economic well-being. n nUnder the theme “Building a Sustainable Tomorrow: Connect, Innovate, Prosper,” South Korea is prioritizing discussions on artificial intelligence and demographic challenges such as low birth rates and an aging society. Member states are expected to exchange best practices, identify collaborative solutions, and develop strategies for long-term economic resilience during the two-day forum. n— news from AccessWdun
— News Original —
APEC leaders open economic summit after Trump and Xi agreed on steps to ease trade tensions
By HYUNG-JIN KIM and KIM TONG-HYUNG
Associated Press
The Associated Press
GYEONGJU, South Korea
Leaders of 21 Asian and Pacific Rim nations have opened their annual summit to discuss how to promote economic cooperation and tackle shared challenges. The two-day Asia-Pacific Economic Cooperation meeting began in the South Korean city of Gyeongju on Friday. The forum ‘s start comes a day after U.S. President Donald Trump and Chinese President Xi Jinping agreed to take steps to ease their escalating trade war. Trump left South Korea after his meeting with Xi. Established in 1989, the APEC, which represents more than half of global trade, champions free and open trade. n nGYEONGJU, South Korea (AP) — Leaders of 21 Asian and Pacific Rim nations opened their annual summit Friday to discuss how to promote economic cooperation and tackle shared challenges, a day after President Donald Trump and Chinese President Xi Jinping agreed to take steps to ease their escalating trade war. n nThis year’s two-day Asia-Pacific Economic Cooperation summit in the South Korean city of Gyeongju has been heavily overshadowed by Thursday’s Trump-Xi meeting. Trump described the meeting as a roaring success, saying he would cut tariffs on China, while Beijing had agreed to allow the export of rare earth elements and start buying American soybeans. n nTheir deals were a relief to the world economy, as experts previously warned that a failure to dial down trade tensions between the world’s two largest economies were certain to deepen global economic uncertainties. n nEstablished in 1989 during a period of increased globalization, APEC represents more than half of global trade. The forum champions free and open trade and investment to accelerate regional economic integration and has also been credited with bringing together countries embroiled in competitions to work together on common initiatives without binding statements. n nThe APEC region now faces challenges like strategic competitions between the U.S. and China, supply chain vulnerabilities, aging populations and the impact of AI on jobs. The U.S. strategy has been shifted to economic competitions with China rather than cooperation, with Trump’s tariff hikes and “America first” agenda shaking markets and threatening decades of globalization and multinationalism. n nOpening the summit as chair, South Korean President Lee Jae Myung called for greater cooperation and solidarity to overcome new challenges. n n“It ‘s obvious that we can ‘t always stand on the same side, as our nationals interest are at stake. But we can join together for the ultimate goal of shared prosperity,” Lee said. “I hope we will have candid and constructive discussions on how we can achieve APEC’s vision in the face of the new challenge of a rapidly changing international economic environment.” n nTrump left South Korea after his meeting with the Chinese president, and international media spotlight is now on Xi, whose government has portrayed itself as a defender of free trade and an alternative to U.S. protectionism. n nIt’s Xi’s first visit to South Korea in 11 years, and he’s scheduled to meet Lee and new Japanese Prime Minister new Japanese Prime Minister Sanae Takaichi separately on Friday. n nDespite Trump’s optimism after a 100-minute meeting with Xi, there continues to be the potential for major tensions between the countries, with both seeking dominant places in manufacturing and developing emerging technologies such as artificial intelligence. n n“It is certainly a contribution to bring the leaders of the two largest economies together for a meeting where they agreed to withdraw their most extreme tariff and export control threats. As a result, worst-case outcomes for global trade were averted,” said Leif-Eric Easley, professor of international studies at Ewha Womans University in Seoul. n n“However, APEC is meant to be more than a venue for a trade war truce,” Easley said. “Greater multilateral efforts are needed to address the region’s most pressing economic challenges, including resisting costly and destabilizing protectionism, harmonizing regulations for sustainable trade, and coordinating standards for digital innovation.” n nSouth Korean officials said they’ve been communicating with other countries to prod all 21 members to adopt a joint statement at the end of the summit so as not to repeat the failure to issue one in 2018 in Papua New Guinea due to U.S.-China discord over trade. n nSouth Korean Foreign Minister Cho Hyun said last week that issuing a joint statement strongly endorsing free trade would be unlikely because of differing positions among APEC members. He instead anticipated a broader declaration emphasizing peace and prosperity in the region. n nAs host nation, South Korea places a priority on discussing AI cooperation and demographic challenges such as aging population and low birth rates, under the theme “Building a Sustainable Tomorrow: Connect, Innovate, Prosper.” South Korean officials say APEC members will share exemplary cases of responses to AI and demographic issues, explore common steps and formulate new growth strategies during this week ‘s summit.