Meeting of minds: Lee (left) speaking with Xi during a session at the Apec Economic Leaders’ Meeting in Gyeongju. — AFP/Yonhap
Chinese President Xi Jinping told Asia-Pacific leaders that his country would help to defend global free trade at an annual economic regional forum snubbed by US President Donald Trump.
Xi took centre stage at the Asia-Pacific Economic Cooperation summit that began yesterday in the South Korean city of Gyeongju, as Trump left the country a day earlier after reaching deals with Xi meant to ease their escalating trade war.
This year’s two-day Apec summit has been heavily overshadowed by the Trump-Xi meeting that was arranged on the sidelines.
Trump described his Thursday meeting with Xi as a roaring success, saying he would cut tariffs on China, while Beijing had agreed to allow the export of rare earth elements and start buying American soybeans.
Their deals were a relief to a world economy rattled by trade tensions between the world’s two largest economies.
Trump’s decision to skip Apec fits with his well-known disdain for big, multi-nation forums that have been traditionally used to address global problems.
But his blunt dismissal of Apec risks worsening America’s reputation at a forum that represents nearly 40% of the world’s population and more than half of global goods trade.
“The more turbulent the times, the more we must work together,” Xi said during Apec’s opening session.
“The world is undergoing a period of rapid change, with the international situation becoming increasingly complex and volatile.”
Xi called for maintaining supply chain stability, in a riposte to US efforts to decouple its supply chains from China.
Xi also expressed hopes to work with other countries to expand cooperation in green industries and clean energy.
It is Xi’s first visit to South Korea in 11 years. On the sidelines of the summit, Xi had bilateral meetings with new Japanese Prime Minister Sanae Takaichi, Canadian Prime Minister Mark Carney and Thai Prime Minister Anutin Charnvirakul yesterday.
Xi will meet South Korean President Lee Jae-myung today for a meeting expected to discuss North Korea’s nuclear programme.
US Secretary of the Treasury Scott Bessent, who attended the summit on Trump’s behalf, said a US move to rebalance its trade relationships would ensure that “each country operates on fair and reciprocal terms”.
He added that the United States is “investing with its trading partners to build resilient production networks that reduce dependence on vulnerable sectors”.
Established in 1989 during a period of increased globalisation, Apec champions free and open trade and investment to accelerate regional economic integration. But the Apec region now faces challenges like strategic competitions between the United States and China, supply chain vulnerabilities, ageing populations and the impact of AI on jobs.
Leaders and other representatives from 21 Asia-Pacific Rim economies are attending the Apec meeting to discuss how to promote economic cooperation and tackle shared challenges.
Opening the summit as chair, Lee called for greater cooperation and solidarity to overcome new challenges.
“It’s obvious that we can’t always stand on the same side, as our national interests are at stake. But we can join together for the ultimate goal of shared prosperity,” he said.
“I hope we will have candid and constructive discussions on how we can achieve Apec’s vision in the face of the new challenge of a rapidly changing international economic environment.” — AP
