Asia-Pacific leaders wrap up APEC summit, pledge stronger cooperation amid trade tensions
Leaders of 21 Asia-Pacific Rim nations wrapped up their annual summit with a statement underscoring regional economic cooperation, just days after the presidents of the United States and China agreed to dial down their trade war.
After two days of the Asia-Pacific Economic Cooperation summit in the South Korean city of Gyeongju, APEC leaders issued a joint statement pledging greater cooperation to overcome shared challenges in a global economy hit hard by trade tensions between the U.S. and China, the world’s two largest economies.
On Thursday, U.S. President Donald Trump and China’s Xi Jinping — who met on the sidelines of the APEC summit — dialed back earlier steps and agreed to de-escalate trade tensions.
The joint statement declared that the APEC leaders “acknowledge the global trading system continues to face significant challenge.”
“We reaffirm our shared recognition that robust trade and investment are vital to the growth and prosperity of the Asia-Pacific region,” it says.
The joint declaration also said that APEC members remain committed to the Putrajaya Vision 2040, a new 20-year growth vision adopted in 2020 that calls for a trade environment that’s “free, open, fair, non-discriminatory, transparent and predictable.”
While the summit focused on ways to boost trade and investment on Friday, Saturday’s meeting had cooperation in the field of artificial intelligence, demographic challenges and cultural industries on its agenda.
APEC leaders also issued two separate statements on Saturday. One called for a coordinated approach to the changes brought on by AI, which they described as a potential economic catalyst that also poses challenges in rapidly evolving digital environments. The other urged for cooperation to address declining birth rates, aging populations and accelerated urbanization.
