President Lee: "Cooperation and Solidarity Are the Answer to Global Order Crisis" ... 'Gyeongju Declaration' Negotiations Stall (Comprehensive) [Gyeongju APEC]

Presiding Over Informal Dialogue With Invited Countries
Leaders of 21 Member Economies and IMF Chief Attend
Attention Focused on Tomorrow’s Gyeongju Declaration
President Lee Welcomes Leaders of Each Country... President Xi Arrives Last
Presidential Office Presents Hwangnam Bread to President Xi
President Xi Responds, "The Hwangnam Bread Was Delicious"

President Lee Jaemyung emphasized the importance of cooperation and solidarity for shared prosperity at the Asia-Pacific Economic Cooperation (APEC) Summit held at the HwaBaek Convention Center in Gyeongju on the 31st, stating that the region is at a critical turning point as the momentum for trade and investment activation is waning. President Lee is working to include the phrase "free trade" in the Gyeongju Declaration to be adopted at this APEC Summit.

Yonhap News Agency

President Lee said, "The global free trade order is undergoing significant changes, deepening uncertainties in the global economy and weakening the momentum for trade and investment activation." He continued, "Only cooperation and solidarity can lead us to a better future, and the technological revolution represented by artificial intelligence (AI) will present unprecedented crises, but also unprecedented opportunities."

He also pledged to carry forward the spirit of the "Putrajaya Vision 2040," which was adopted at the 2020 APEC Summit. President Lee explained, "The theme of this summit, 'Shaping Our Sustainable Future' and 'Connectivity, Innovation, Prosperity,' inherits the spirit of the 'Putrajaya Vision 2040.'" Referring to the origin of the "HwaBaek Convention Center," where the APEC Summit is being held, President Lee said the HwaBaek spirit does not force unanimous thinking but seeks harmony and coexistence.

President Lee then presided over the first session, an informal dialogue with invited countries. The session was attended by the leaders of all 21 APEC member economies, as well as Khaled bin Mohamed Al Nahyan, Crown Prince of Abu Dhabi of 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," discussed ways to make the Asia-Pacific region more open, dynamic, and resilient economically. The session was conducted in an informal format to encourage candid and honest discussions among the attending leaders.

During the session, President Lee discussed ▲ the promotion of trade and investment, ▲ strengthening economic connectivity within the Asia-Pacific region, and ▲ public-private partnership strategies to unlock the potential of the private sector. President Lee also plans to actively serve as a bridge to help APEC members reach a consensus on the need for mutual cooperation. Through these efforts, he aims to restore the will for regional cooperation and explore concrete measures for APEC to continue as the region's largest economic forum and platform.

Will the 'Gyeongju Declaration' Include the Phrase 'Free Trade'? ... Negotiations Stalled Due to U.S. Opposition

This year’s APEC drew attention as a multilateral economic event held amid threats to the international trade order. APEC, which began as a ministerial meeting in 1989, was elevated to a summit-level forum in 1993 at the suggestion of former U.S. President Bill Clinton. Fundamentally, APEC pursues multilateral free trade and is credited with contributing to the launch 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 faced difficulties. Ironically, APEC, which was elevated to a summit at the initiative of the United States over 30 years ago, is now at risk of losing its founding spirit due to U.S. opposition. Since the launch of the Trump administration, the WTO system has effectively been undermined, and "open plurilateralism," which is based on multiple bilateral and plurilateral agreements, is being highlighted as an alternative.

Ultimately, the key issue for the "Gyeongju Declaration," now just a day away, is how to reflect the collective will of all 21 member economies, including the United States and China, regarding the new global trade order. The role of the host country in coordinating positions has become increasingly important, serving as a test of South Korea’s diplomatic capabilities. The joint statement of the Foreign and Trade Ministers’ Meeting (AMM), which was expected to be adopted before the Gyeongju Declaration, failed to materialize after protracted discussions on the closing day. However, the Ministry of Foreign Affairs plans to continue last-minute consultations to ensure that the joint statement can be adopted together with the Gyeongju Declaration at the end of the summit on November 1.

Minister of Foreign Affairs Cho Hyun said at a press conference after the AMM closed the previous day, "We expect that the leaders will share their awareness of global challenges and engage in frank discussions about the future of APEC." Yeon Han-koo, Deputy Minister for Trade Negotiations at the Ministry of Trade, Industry and Energy, also emphasized, "The fact that APEC is being held in Korea at a time when the international economic and trade order is at a crossroads is of great historical significance." He added, "The rules of the WTO, which have been the foundation of global trade, are not being upheld, and the rules for digital and technology sectors are outdated. It is important to continue discussing new ideas and building consensus within multilateral frameworks like APEC."

Yonhap News Agency

Welcoming Leaders Before the APEC Summit ... President Xi Says "Hwangnam Bread Was Delicious"

Meanwhile, before the start of the APEC Summit, President Lee welcomed the leaders of each country. Beginning at 9:20 a.m., President Lee greeted each leader with a handshake, starting with IMF Managing Director Kristalina Georgieva and including Chinese President Xi Jinping. Presidential spokesperson Kang Yujeong reported that Mexico’s Secretary of Economy Marcelo Ebrard expressed regret that the Mexican president could not attend due to a national emergency caused by flooding, and President Lee replied that he hoped to meet President Sheinbaum again someday.

President Lee also asked Canadian Prime Minister Mark Carney if he had a good visit to Hanwha Ocean’s Geoje Shipyard, to which Prime Minister Carney responded that the helicopter and shipyard provided by Korea were very impressive. At 10:02 a.m., President Lee greeted Chinese President Xi Jinping, who was the last to arrive, saying he was pleased to meet him. President Xi commented that he had heard Gyeongju is a city with a very long history and found it to be an impressive and wonderful place. In particular, President Xi thanked President Lee for the delicious Hwangnam Bread he had enjoyed.

Spokesperson Kang explained, "Ahead of the APEC Summit yesterday (the 30th), President Lee presented President Xi with freshly made, warm Hwangnam Bread wrapped in a traditional Korean cloth, along with a message hoping he would enjoy the taste of Gyeongju." She added, "This morning, 200 additional boxes of Hwangnam Bread were sent for the Chinese delegation." Kang continued, "President Lee also instructed the Minister of Foreign Affairs to present Gyeongju’s specialty, Hwangnam Bread, to the delegations of all APEC member economies except China."