'APEC Summit Opens' President Lee: "Crisis in International Order, Cooperation and Solidarity Are the Answer" [Gyeongju APEC]

Presiding Over Informal Dialogue With Invited Countries
Attended by Leaders from 21 Member Economies and IMF Chief
Attention Focused on Tomorrow's Gyeongju Declaration
Negotiations Stalled Over the Inclusion of "Free Trade"
President L

On the morning of October 31, President Lee Jaemyung emphasized the importance of achieving shared prosperity through cooperation and solidarity at the 2025 Asia-Pacific Economic Cooperation (APEC) Summit held at the HwaBaek Convention Center in Gyeongju. President Lee noted that the world stands at a critical inflection point where the momentum for trade and investment is waning. He is working to ensure that the Gyeongju Declaration to be released at this APEC Summit includes a reference to "free trade."

Yonhap News Agency

President Lee stated, "The order of free trade is undergoing dramatic changes, intensifying global economic uncertainty and weakening the momentum for trade and investment. Only cooperation and solidarity can lead us to a better future. The technological revolution, epitomized by artificial intelligence (AI), presents an unprecedented crisis, but also unprecedented opportunities."

He also pledged to carry on the spirit of the "Putrajaya Vision 2040," which was adopted at the 2020 APEC Summit. President Lee explained, "The themes of this summit, 'Sustainable Tomorrow We Create' and 'Connection, Innovation, Prosperity,' inherit the spirit of the Putrajaya Vision 2040." Referring to the origin of the "HwaBaek Convention Center," where the summit is being held, he remarked that the HwaBaek spirit does not impose uniformity but seeks harmony and coexistence.

Following this, President Lee presided over the first session, an informal dialogue with invited countries. The session was attended by leaders from all 21 APEC member economies, as well as Khalid bin Mohamed Al Nahyan, Crown Prince of Abu Dhabi in the United Arab Emirates (UAE), and Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF). The session, themed "Towards a More Connected, Resilient Region and Beyond," focused on ways to make the Asia-Pacific region more open, dynamic, and resilient. The informal format was designed to encourage candid and open discussions among the attending leaders.

During the session, President Lee discussed topics such as promoting trade and investment, strengthening economic connectivity within the Asia-Pacific region, and public-private cooperation strategies to unlock the potential of the private sector. He also plans to actively serve as a bridge to foster consensus among APEC members on the need for mutual cooperation. Through these efforts, he aims to restore the willingness for regional cooperation and explore concrete measures for APEC to continue as the region's largest economic consultative body and platform.

This year's APEC Summit drew attention as a multilateral economic event held at a time when the international trade order is under threat. Launched as a ministerial meeting in 1989, APEC was elevated to a summit-level gathering in 1993 at the suggestion of former U.S. President Bill Clinton. APEC fundamentally pursues multilateral free trade and is credited with contributing to the establishment of the World Trade Organization (WTO) in 1995 based on these values.

However, negotiations over whether to include the phrase "free trade" in this year's APEC Leaders' Declaration have been challenging. Ironically, APEC, which was elevated to a leaders' summit at the initiative of the United States more than 30 years ago, now faces opposition from the United States, putting its founding principles at risk. Since the launch of the Trump administration, the WTO system has been widely regarded as having effectively collapsed, and "open plurilateralism"-which is based on multiple bilateral and plurilateral agreements-has emerged as a potential alternative.

Ultimately, the key issue for the upcoming "Gyeongju Declaration," just one day away, is how to reflect the consensus of all 21 member economies, including the United States and China, on a new global trade order. The role of the chair country in mediating these discussions has become increasingly important, serving as a test of South Korea's diplomatic capabilities. The joint statement from the Foreign Affairs and Trade Ministers' Meeting (AMM), which was expected to be adopted before the Gyeongju Declaration, fell through after difficult negotiations on the day of the closing session. However, the Ministry of Foreign Affairs has announced that it will continue to make every effort to reach an agreement in parallel with the Gyeongju Declaration by the end of the summit on November 1.

At a press conference following the AMM's closing the previous day, Foreign Minister Cho Hyun said, "We expect the leaders to share their perspectives on global challenges and to hold frank discussions on the future of APEC." Yeo Han-koo, Minister for Trade at the Ministry of Trade, Industry and Energy, also emphasized, "It is of great historical significance that APEC is being held in Korea at a time when the international economic and trade order stands at a crossroads." He added, "The rules that have underpinned global trade, such as those of the WTO, are no longer being observed, and the rules themselves for digital and technological sectors are outdated. It is important for multilateral platforms like APEC to continue discussing new ideas and building consensus."