APEC leaders pledge stronger cooperation amid challenges

GYEONGJU

Leaders of 21 Asia-Pacific Rim nations wrapped up their annual summit with a statement underscoring regional economic cooperation.

After two days of the Asia-Pacific Economic Cooperation summit in the South Korean city of Gyeongju, APEC leaders issued a joint statement pledging greater cooperation to overcome shared challenges in a global economy hit hard by trade tensions between the U.S. and China, the world’s two largest economies.

On Oct. 30, U.S. President Donald Trump and China's Xi Jinping — who met on the sidelines of the APEC summit — dialed back earlier steps and agreed to de-escalate trade tensions. 

The joint statement declared that the APEC leaders "acknowledge the global trading system continues to face significant challenge.”

“We reaffirm our shared recognition that robust trade and investment are vital to the growth and prosperity of the Asia-Pacific region,” it says.

The joint declaration also said that APEC members remain committed to the Putrajaya Vision 2040, a new 20-year growth vision adopted in 2020 that calls for a trade environment that’s “free, open, fair, non-discriminatory, transparent and predictable.”

On Oct. 31, Xi told the summit that China would support global free trade and supply chain stability — an apparent effort to position his country as an alternative to Trump’s protectionist policies. 

Xi also met with his Japanese, Canadian and Thai counterparts bilaterally on Oct. 31 and met South Korean President Lee Jae Myung on Nov. 1.

APEC leaders also issued two separate statements on Nov. 1. One called for a coordinated approach to the changes brought on by AI. The other urged for cooperation to address declining birth rates, aging populations and accelerated urbanization.