GYEONGJU, SOUTH KOREA – Discussions at the Asia-Pacific Economic Cooperation (APEC) summit are progressing toward consensus on a declaration, though whether the term “free trade” will be included remains uncertain, South Korean Foreign Minister Cho Hyun said Friday. South Korea is hosting APEC for the first time in two decades and is mediating to ensure an agreement on the Gyeongju Declaration.
The summit comes amid potential disagreements between the U.S. and other member economies regarding multilateralism in trade, according to analysts. “The point of contention is probably that… there are many member economies which say ‘we should strengthen the multilateral system and bolster the multilateral framework,'” explained Lee Jae-min, professor of international law at Seoul National University School of Law. “However, the U.S.,along with some nations sharing a similar stance,may have reservations about pushing it too hard.”
Alongside bilateral meetings, Chinese President Xi Jinping on Friday presented a five-point proposal for promoting inclusive economic globalization and building an Asia-Pacific community, emphasizing safeguarding the multilateral trading system, fostering an open regional economic environment, stabilizing supply chains, promoting digitalization and green trade, and prioritizing universally beneficial development.
Leaders are currently engaged in a lunch with buisness leaders following a CEO summit held this week in Gyeongju. Spouses of the leaders were earlier taken on a tour of the city.
