Gyeongju, South Korea, was the setting for a whirlwind Asia-Pacific Economic Cooperation (APEC) Leaders’ Summit last weekend, which featured a flurry of bilateral deals and down-to-the-wire negotiations over a joint statement.
The leaders’ declaration — finalized at the eleventh hour — notably omits “free trade” and “World Trade Organization,” contrasting with the 2024 statement. Instead, this year’s statement hails “robust” trade, emphasizing economic “resilience” rather than further trade liberalization.
APEC members Canada, Australia, and New Zealand issued a separate joint statement, condemning Russia’s “ongoing, illegal invasion of Ukraine.” The U.S. did not endorse the statement; in 2023, when the U.S. hosted APEC, it released a chair statement condemning Russia's invasion.
Xi steals the spotlight
U.S. President Donald Trump left Gyeongju before the summit began, ceding the spotlight to Chinese President Xi Jinping, who branded Beijing as the supposed champion of multilateralism and global trade.
APF Canada Senior Research Scholar Sun Ryung Park posits that “Xi’s prominence at the summit underscored how China is exploiting inconsistencies in U.S. policy to cast itself as the defender of open trade during ‘turbulent times.’”
On his first visit to South Korea in 11 years, Xi met with South Korean President Lee Jae Myung and Japanese Prime Minister Takaichi Sanae, among other leaders.
Xi’s meeting with Canadian Prime Minister Mark Carney also stood out; the two leaders discussed thorny trade “issues and irritants,” but also a framework to “deepen co-operation across a range of areas.”
Carney and Xi agreed that the sit-down marked a “turning point” in bilateral relations. Following the meeting, Beijing greenlit the resumption of Chinese group tours to Canada.
At the summit, Xi pushed leaders to rally behind a body to regulate artificial intelligence, with a proposed headquarters in Shanghai. APEC members didn’t appear to bite on Xi's proposal, but were receptive to a separate “APEC AI Initiative,” which will advance AI innovation and adoption. Seoul made AI a hallmark of its host year; Lee has said that he wants to make South Korea one of the world’s top three AI powers.
China will host APEC next year in Shenzhen.
