Amid rising geopolitical tensions and growing uncertainty in the global trade system, Asia-Pacific leaders concluded the annual APEC summit on Saturday with a joint declaration emphasizing resilience and shared benefits in trade.
The gathering, hosted by South Korea, highlighted the deepening fractures in multilateral trade frameworks, driven by tariffs, export controls, and strategic economic competition.
U.S. President Donald Trump announced multiple trade deals with countries including China and South Korea ahead of the summit but left before it began. Analysts noted that the joint declaration conspicuously omitted references to multilateralism or the World Trade Organization, a departure from previous years’ documents.
"This reflects a recognition among member countries that restoring a free trade order based solely on multilateralism and the WTO is increasingly difficult," said Heo Yoon, professor of international trade at Sogang University in Seoul. "We are witnessing a paradigm shift in the global trade order."
China, taking advantage of Trump’s early departure, positioned itself as a steady advocate for free and open trade, a role historically dominated by the U.S. President Xi Jinping announced that China will host APEC in Shenzhen in 2026 and proposed the creation of a World Artificial Intelligence Cooperation Organization, signaling Beijing’s broader ambitions in technology and economic governance.
The summit highlighted South Korea’s delicate balancing act under newly elected President Lee Jae Myung, who assumed office in June. Lee has faced the twin challenges of protecting South Korea’s export-driven economy while managing regional security amid growing U.S.-China competition.
Lee hosted both Trump and Xi during the week. In separate meetings, he secured a surprise trade deal with the U.S. aimed at reducing tariffs in exchange for South Korean investment in American projects. On Saturday, Lee hosted Xi for a summit and state dinner — Xi’s first visit to South Korea in 11 years — where discussions reportedly included North Korea’s denuclearization, although Chinese media did not publicly acknowledge these talks.
North Korea responded with skepticism, calling denuclearization efforts a “pipe dream,” while Trump had offered to meet North Korean leader Kim Jong Un during his South Korea visit — an offer Pyongyang did not publicly address.
On the sidelines of APEC, Taiwan’s representative, Lin Hsin-i, met with U.S. Treasury Secretary Scott Bessent to discuss supply chains and semiconductors, reflecting the growing emphasis on technology in regional economic strategy.
The summit’s outcomes suggest a shift in the global trade paradigm, with member nations cautiously navigating between the retreat of U.S. influence under Trump and China’s proactive engagement. While few countries envision a trade order excluding the U.S., the APEC declaration indicates a shared interest in resilience, cooperation, and stability amid ongoing uncertainty.
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