APEC Concludes with 'Gyeongju Declaration'... Three Key Documents Adopted on Trade Order, AI, and Demographic Structure (Comprehensive) [GyeongjuAPEC]

Significance of Presenting a Comprehensive Direction for Cooperation on Global Economic Issues
First Explicit Statement of the Need for Cooperation in the Cultural and Creative Industries
Adoption of AI Initiative and Joint Framework on Responding to Demographic Changes
First-Ever APEC Agreements on AI Cooperation and Demographic Change Response
Explicit Recognition of the Need for Cooperation in the Cultural and Creative Industries
APEC Foreign and Trade Ministers Also Adopt Joint Statement Emphasizing 'WTO Importance'

At the Asia-Pacific Economic Cooperation (APEC) Summit, chaired by President Lee Jaemyung and held in Gyeongju from October 31 to November 1, APEC leaders adopted a total of three key documents: the "APEC Leaders’ Gyeongju Declaration," the "APEC Artificial Intelligence (AI) Initiative," and the "APEC Joint Framework on Responding to Demographic Changes." There had been concerns that it might be difficult to reach a leaders’ declaration due to the United States’ prioritization of its own interests, which has undermined the free trade order. However, after marathon discussions that continued until 7:30 a.m., the summit achieved results, including language on trade and investment.

Yonhap News Agency

According to the Office of the President, the "APEC Leaders’ Gyeongju Declaration" comprehensively addressed APEC’s core issues, including trade and investment, digital innovation, and inclusive growth, under the three main priorities of this year’s APEC: "Connect," "Innovate," and "Prosper." The declaration also consolidated the members’ shared understanding and commitment to cooperation on artificial intelligence (AI) and responding to demographic changes.

This Gyeongju Declaration is significant in that, amid growing uncertainty in the global economy, all 21 member economies have presented a direction for comprehensive cooperation on major global economic issues, including trade. The APEC members are seen as having laid the foundation for restoring the spirit of solidarity and cooperation and for working together toward economic prosperity in the Asia-Pacific region.

In particular, the Gyeongju Declaration recognizes the cultural and creative industries as new engines of growth for the Asia-Pacific region and explicitly states the need for cooperation. This is the first APEC leaders’ document to specify the cultural and creative industries, and it is seen as an opportunity for Korean K-culture to establish itself as a growth engine within the region.

Yonhap News Agency

The "APEC AI Initiative" aims to ensure that all members participate in the AI transformation process and share the benefits of AI technological advancement. Its main points include: ▲ promoting economic growth through AI innovation; ▲ strengthening capabilities and spreading the benefits of AI; and ▲ expanding private sector investment in resilient AI infrastructure. This is APEC’s first formalized joint vision on AI and the first leaders’ agreement on AI in which both the United States and China have participated. The Office of the President noted that the initiative reflects Korea’s core AI policies and practical cooperation measures, such as the implementation of a "Basic AI Society" and the establishment of an "Asia-Pacific AI Center."

After the conclusion of the APEC Summit on the afternoon of November 1, President Lee stated at a press conference, "This is the first joint vision on artificial intelligence ever established in APEC’s history," emphasizing, "The Republic of Korea seeks to share our core vision, such as a Basic AI Society, and to contribute to the AI transformation of the Asia-Pacific region." President Lee reiterated these remarks at the same press conference following the summit’s closing.

Additionally, the APEC Joint Framework on Responding to Demographic Changes was established in recognition that demographic shifts, such as low birth rates and population aging, are common challenges within the region. The framework outlines policy directions and cooperation measures in five key areas: ▲ building resilient social systems; ▲ modernizing human resource development; ▲ strengthening technology-based health and care services; ▲ enhancing economic capacity for all; and ▲ promoting regional dialogue and cooperation.

This is APEC’s first comprehensive population cooperation initiative. With the adoption of this framework, APEC member economies have laid the groundwork for cooperation to respond to future changes in employment and industrial structures, and to turn demographic shifts into new growth opportunities through youth empowerment and technological innovation. Korea plans to continue leading regional cooperation and policy linkages in this field by hosting the "APEC Population Policy Forum" next year. President Lee stated, "It is highly significant that, for the first time in APEC’s history, demographic changes have been recognized as a core joint challenge, and that policy visions and cooperation measures have been presented."

The Office of the President commented, "As this year’s APEC chair, Korea presided over 14 ministerial-level meetings throughout the year and conducted overnight negotiations up to the day of the summit to reach agreement on the texts, mediating differences among APEC members including the United States, China, Japan, and Russia. As a result, consensus was achieved on all three major outcome documents, including the Gyeongju Declaration." The office added, "Through this summit, APEC has established a new milestone for cooperation toward the shared goals of inclusive and sustainable growth, prosperity through innovation, and strengthening humanity’s collective capacity to respond to future challenges."

APEC Foreign and Trade Ministers Also Adopt Joint Statement Emphasizing 'WTO Importance'

APEC Foreign and Trade Ministers gathered in Gyeongju also adopted a joint statement on November 1 recognizing the importance of the World Trade Organization (WTO) in promoting global trade. Although references to the WTO, which faced opposition from the Donald Trump administration in the United States, were omitted from the "Gyeongju Declaration," they were included in the joint statement by the Foreign and Trade Ministers.

In their joint statement summarizing the outcomes of the joint ministerial meeting, the Foreign and Trade Ministers acknowledged the importance of the WTO in advancing trade issues, stating, "The rules agreed upon at the WTO are central to promoting global trade." They further noted, "Multilateral negotiations at the WTO, particularly plurilateral negotiations, play a positive role in advancing the interests of member economies and enhancing the relevance of the WTO."

The ministers also agreed on the need for comprehensive reform to improve the functioning of the WTO. They stated, "We recognize the need for meaningful, essential, and comprehensive reform of all functions of the WTO so that it can better fit current realities and respond more rapidly." They also shared concerns about the global trade environment facing fundamental challenges, emphasizing, "We place great importance on APEC’s continued cooperation in the spirit of consensus-based multilateralism."