Leaders from all of the Pacific countries and territories convened in Gyeongju, South Korea. To get started, they convened an extraordinary summit to address the incredible challenges presented by a dangerous and rapidly changing world stage. Keenest amongst the attendees was China’s President Xi Jinping, who stressed the unparalleled changes taking place across the globe. Our two-day summit was dedicated to reinforcing those supply chains. It strove to promote collaboration between the economies that share the burden of U.S. President Donald Trump’s protectionist tendencies.
Xi Jinping opened his address by stating, “The world is undergoing rapid changes unseen in a century.” This declaration laid the foundation for programming filled with discussions based on solidarity and the need for collaborative work between countries. South Korean President Lee Jae Myung echoed this sentiment, noting that “only cooperation and solidarity can surely lead us to a better future.”
Lee further highlighted the ongoing shifts, remarking, “Our world is undergoing one of the most profound shifts since the fall of the Berlin Wall.” He understood the dangerous inflection point at which countries now stand, propelled by a godless new global economic order.
Curiously missing was Trump himself, who left South Korea after a historic meeting with Xi. Yet his administration’s tariffs and other protectionist measures cast a dark shadow on the proceedings. West Coast leaders raised the alarm over the adverse effect it would have on international trade.
During the summit, Xi Jinping engaged in discussions with Japan’s Prime Minister Takaichi, where they explored ways to establish a “strategic mutually beneficial relationship.” During talks, Xi mandated that China welcome more cooperation on regional security. He highlighted the goal of constructing mutually beneficial and consistent bilateral relations to adapt to the needs of this new era. Notably, Takaichi raised concerns regarding trade, stating, “I asked China to resume Japanese beef and seafood imports.”
The issue of trade came to the fore in all leaders’ communiqués — hardly surprising given the damaging impacts of Trump’s tariff offensive. Former Canadian Prime Minister Mark Carney takes credit for luring Xi Jinping to Toronto. He described this meeting as a “turning point” in their bilateral relationship. Following their conversations, Carney jumped at the chance when given an invitation to travel to China. He directed officials to accelerate the resolution of persistent trade troubles and trade irritants.
Xi reiterated his commitment to openness, declaring, “China’s door to openness will not close. It will only open wider.” This declaration reinforced his administration’s desire to work through global economic chaos while fostering trade partnerships.
The agenda additionally included key issues like the denuclearization of the Korean Peninsula and achieving regional peace and stability. These conversations are important. Note that the decisions taken at the APEC summit are not legally binding. Leaders have often struggled to find agreement on key issues at previous summits.
As the summit went on, it became apparent that everyone in attendance understood this global economic climate was becoming more volatile by the day. Lee Jae Myung pointed out, “As the free trade order undergoes dramatic changes, global economic uncertainty is deepening, and trade and investment are losing momentum.” This recognition is a testament to the prevailing desire from bipartisan leaders to shift the trajectory of international trade dynamics for the better.
