S Korea takes leadership role at APEC

Amid serious challenges to the global multilateral order and deepening protectionist moves, South Korea was seen taking a leadership role at last week's Asia-Pacific Economic Cooperation (APEC) summit by providing a platform for world leaders to discuss the free trade system and shared future tasks.

The summit, held in the southeastern city of Gyeongju, took place at a time when the United States and China were at odds over tariffs and trade issues, and global trade dynamics were shifting dramatically, driven largely by the Trump administration's aggressive tariff policies, reports Yonhap news agency.

"Through overnight negotiations up to the day of the summit, we've striven to narrow differences among APEC members, including the U.S., China, Japan and Russia, and ultimately succeeded in reaching agreement on the Gyeongju Declaration and two other key outcome documents," the presidential office said.

The declaration calls on member nations, which represent more than half of the global economy, to work together to promote cultural and creative industries, which can help spur economic growth.

There had been concerns about a potential failure to adopt a joint declaration, as happened during the 2018 APEC summit in Papua New Guinea during Trump's first term, when the U.S. and China failed to reach agreement on WTO reforms and left the host nation to issue only a chair's statement.

But South Korea "exercised strong leadership to reach a text that both the U.S. and China could agree upon," the presidential office noted.

South Korea also sought to address the region's shared challenges, including the development of artificial intelligence (AI) and demographic changes.

The AI Initiative adopted at the summit marked the first leaders-level agreement on AI involving both the U.S. and China, according to the presidential office.