President Lee Jae-myung said Oct. 31 that the world faces a critical turning point amid major shifts in the international order, emphasizing that cooperation and solidarity are essential for a better future. His remarks highlighted the need for joint prosperity through economic cooperation as protectionism rises amid growing U.S.-China strategic rivalry. The APEC summit is set to conclude Nov. 1.
Presiding over the first session of the summit at the HICO Convention Center in Gyeongju, North Gyeongsang Province, with leaders from 21 member economies in attendance, Lee said countries must work together to achieve shared prosperity. He noted that since APEC's founding, member economies' combined GDP has grown fivefold and trade volume tenfold. He added that greater connectivity and openness among members have helped advance APEC nations toward prosperity.
At a luncheon with the APEC Business Advisory Council later in the day, Lee reiterated that Korea aims to lead in cooperation and solidarity and to open a new era of shared prosperity.
Chinese President Xi Jinping emphasized multilateralism in his summit speech while implicitly criticizing U.S. protectionism. He proposed creating a Free Trade Area of the Asia-Pacific, or FTAAP, saying the region must defend the multilateral trading system, promote trade and investment liberalization, and maintain stable supply chains.
Representing the United States in place of U.S. President Donald Trump, Treasury Secretary Scott Bessent said Trump has made clear that economic security is national security. "When supply chains are strong, markets are efficient, and competition is fair, all economies benefit," he said.
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