Leaders of the Asia-Pacific Economic Cooperation begin their two-day summit in Gyeongju, South Korea, on Friday. South Korean President Lee Jae-Myung, who is hosting the meeting, said that the global trade balance is at a critical point and warned that it is high time for the group to cooperate amid ongoing pressure caused by the imposition of US tariffs.
At the start of the summit, President Lee said, "I hope that the APEC spirit, which has proved the effects of cooperation, solidarity, and mutual trust, will be fully demonstrated in Gyeongju."
Issues like Artificial intelligence, ageing societies, and declining birth rates are on the agenda for APEC's 21 members.
Japan, South Korea, China, and other nations in the group are facing a population crisis; the birth rates in Japan and South Korea, in particular, have hit alarming levels.
However, much of the attention in the summit will be given to the leaders reaching a consensus on trade policy, with Xi Jinping being the central figure at the summit.
According to officials, Xi called for joint efforts to safeguard the multilateral trading system and build an open regional economic environment, one that could easily bypass the US tariffs.
The Asia-Pacific Economic Cooperation (APEC) forum comprises 21 member economies (19 countries plus Hong Kong and Chinese Taipei).
Member economies include the Republic of Korea, the United States, Japan, Australia, Brunei, Canada, Indonesia, Malaysia, New Zealand, the Philippines, Singapore, Thailand, China, Mexico, Papua New Guinea, Chile, Peru, Russia, and Vietnam.
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