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APEC Economic Leaders' Meeting

Apec Summit in Gyeongju: Key Takeaways and Insights

Strategic Insights

— 1 min read

The Asia-Pacific Economic Cooperation (Apec) summit in Gyeongju, South Korea, was dominated by trade talks between US President Donald Trump and Chinese President Xi Jinping. Despite Trump's sudden departure, Xi leveraged the opportunity to position himself as a unifying voice and champion of regional economic interests, emphasizing the importance of free and open trade.

Key Takeaways:

  • Xi Jinping took center stage in Trump's absence, engaging in high-level bilateral meetings and amplifying his message as a torchbearer for free and open trade.
  • The Apec summit concluded with a vague declaration committing member states to a trade environment that promotes resilience and benefits all, but failed to mention multilateralism or the World Trade Organization (WTO).
  • The summit highlighted the fractured nature of Apec, with deep political and economic fault lines among member states, including liberal democracies and autocratic regimes.
  • Canada and China achieved a breakthrough in bilateral relations, with Canadian Prime Minister Mark Carney and Xi agreeing to strengthen ties, despite US criticism of the move.
  • Japan's newly installed Prime Minister Sanae Takaichi navigated her diplomatic debut, showing early signs of pragmatism and foreign policy acumen during meetings with Xi and South Korean President Lee Jae Myung.
  • The Apec summit underscored the challenges facing the organization, with its foundation in 1989 no longer suited to the current economic zeitgeist characterized by rising nationalism and protectionism.

Statistics:

  • 40% of the world's population and about 50% of its trade are represented by the 21 member states of Apec.
  • Canada and China aim to double non-US exports over the next decade.
  • The US imposed additional tariffs on Canada in protest of an Ontario government-sponsored TV advert critical of Trump's tariffs.
  • Xi Jinping invited Canadian Prime Minister Mark Carney to visit China, marking a turning point in bilateral ties between the two nations.
  • The Apec summit highlighted the ongoing tensions between the US and China over trade, with no resolution in sight.

Sources:

  • "Apec summit: what was achieved by the US's absent president?" by Justin McCurry, The Guardian, November 2023.
  • Photograph: YONHAP/EPA, Chinese President Xi Jinping shakes hands with South Korean President Lee Jae Myung at the Apec summit.

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