Given the worsening fractures in the world trade order, Asia-Pacific leaders on Saturday adopted a joint statement that underlined the need for resilience and shared benefits in tradeat the end of the annual APEC summit.
The Asia-Pacific Economic Cooperation Forum meeting, hosted this year by South Korea, It unfolded under the shadow of rising geopolitical tensions and aggressive economic strategies – from US tariffs to Chinese export controls – that have put pressure on global trade.
Before the meeting, United States President Donald Trump announced trade agreements with several countries, including China and South Korea. But he left before the summit started.
Washington’s views, however, continued to be expressed in the statement, according to analysts, which, Unlike last year’s document, it did not mention multilateralism or the World Trade Organization.
“It is the result of member countries recognizing, at least to some extent, that it will be difficult to reestablish a free trade order based on multilateralism and the World Trade Organization”said Heo Yoon, a professor of international trade at Sogang University in Seoul.
“We can no longer deny that “There is a paradigm shift in the world trade order.”
With Trump’s swift departure before the summit, China sought to position itself as a strong supporter of free and open trade, a role the United States had dominated for decades.. China will host APEC in Shenzhen in 2026, President Xi Jinping announced.
In his closing speech, Xi proposed the creation of a World Organization for Cooperation in Artificial Intelligence, while the meeting adopted other statements on demographic change and AI. But there was no mention of AI regulation.
“China is clearly taking advantage of Trump’s absence from Apec to actively engage countries concerned about the retreat of the United States and the rise of China”said Li Xing, a professor at the Guangdong Institute of International Strategies.
“They are sure to reassure countries like South Korea, which can no longer fully count on the support of “United States because of Trump, telling them that they do not seek hegemony but rather common enrichment.”
However, Heo and analysts say the joint statement suggests member nations were wary of giving the impression that the United States was undermining free trade while imagining China as a guardian of multilateralism.
“Few countries believe that there can be a new trade order that excludes the United States,” he stated.
LEE RECEIVES XI JINPING IN SOUTH KOREA
Xi Jinping concluded his three-day visit to South Korea on Saturday with a dinner and state summit hosted by President Lee Jae Myung. the newly elected US ally that has pledged to balance Seoul’s ties with Beijing.
The stakes were high for Lee, who took office in June following the ouster of his predecessor over a failed attempt to impose martial law. Lee faces the dual challenge of protecting South Korea’s export-driven economy and easing tensions with North Korea amid growing competition between China and the United States.
Lee said it was difficult to say that relations between South Korea and China had completely normalized, and that he expected a substantial improvement.
“We must go beyond simple restoration to find a path of cooperation that is beneficial to both sides“Lee said at a press conference ahead of his planned meeting with Xi.
Earlier this week, Lee also hosted Trump on a hasty state visit, showering him with gifts and praise before surprise announcing a trade deal aimed at reducing US tariffs in exchange for billions of dollars in investments South Koreans in the United States.
Lee hosted similar events for Xi on Saturday, including a summit and state dinner. This was Xi’s first visit to South Korea in 11 years.
NORTH KOREA ON THE AGENDA
Lee asked Xi for China’s help in dealing with North Korea, according to the presidential office in Seoul. Chinese state media did not mention North Korea in its reporting on the meeting.
After South Korea said Lee would raise with Xi the denuclearization of the Korean Peninsula, North Korea, China’s military and economic ally, issued a statement on Saturday dismissing any effort to eliminate its nuclear arsenal as an unrealizable “chimera.”
Trump had offered to meet with North Korean leader Kim Jong Un during his visit to South Korea. but Pyongyang did not give a public response.
Trump met with Xi on Thursday, ahead of the APEC summit, and struck a deal that includes lowering U.S. tariffs on Chinese goods in exchange for Beijing cracking down on the illicit fentanyl trade. the resumption of purchases of American soybeans and the continuity of the flow of rare earth exports. The Chinese president also held talks with the leaders of Japan, Canada and Thailand.
Taiwan’s representative at the Apec summit, Lin Hsin-i, said Saturday that he and US Treasury Secretary Scott Bessenttalked about supply chains and semiconductors during a meeting on the sidelines of the event.
