South Korea hosted the APEC summit in Gyeongju, the southern historic city, and stepped up as a key voice on trade and global cooperation. The meeting brought together leaders from the US, China, Japan and Russia – and even Russia – during a time when the US‑China trade standoff has pushed the world economy to face new challenges.
By keeping talks heated and focused, South Korean officials say they bridged differences that could have stalled the summit. The result was a “Gyeongju Declaration” that urges the 17 APEC members – which make up more than half the world’s GDP – to work together on growing cultural and creative industries.
The declaration also contains a first‑ever leaders’ agreement on artificial intelligence (AI). The US and China both signed on, showing thawing tensions even as they still clash over tariffs. The APEC leaders’ statement no longer mentions the World Trade Organization (WTO), a departure from past years, but a compromise was added at the ministerial level.
The summit made headlines when President Donald Trump and Chinese President Xi Jinping met face‑to‑face for the first time since the trade war got started. In Busan, the leaders shook hands on a “ceasefire” and said they would look for future visits.
South Korean President Lee Jae‑myung finished the summit looking optimistic. He had a series of one‑on‑one talks that ended with a new US‑South Korea framework tariff deal. The deal stocks a $200 billion cash investment, capped at $20 billion a year, as part of a bigger $350 billion pledge.
Lee’s talks with Xi were also a bright spot, with both sides agreeing to support peace on the Korean Peninsula and strengthen practical cooperation in the future.
The APEC summit in Gyeongju marked a turning point for South Korea, showing it can lead major global conversations on trade, technology and security—even when the world’s biggest economies are still at odds.
Source: ianslive
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