Korea urges 'cooperation, solidarity' in face of economic challenges at APEC summit in Gyeongju
Published: 31 Oct. 2025, 19:35
Updated: 01 Nov. 2025, 09:25
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- SARAH KIM
- [email protected]
![Korean President Lee Jae Myung, right, speaks during the first session of the APEC Economic Leaders' Meeting at the Gyeongju Hwabaek International Convention Center in Gyeongju, North Gyeongsang on Oct. 31. [JOINT PRESS CORPS]](https://koreajoongangdaily.joins.com/data/photo/2025/11/01/899e3fda-79d9-4c8e-89c6-f12a150df333.jpg)
Korean President Lee Jae Myung, right, speaks during the first session of the APEC Economic Leaders' Meeting at the Gyeongju Hwabaek International Convention Center in Gyeongju, North Gyeongsang on Oct. 31. [JOINT PRESS CORPS]
GYEONGJU, North Gyeongsang — President Lee Jae Myung said "cooperation and solidarity" are the surest way to a better future amid challenges to the free trade order and global economic uncertainty as world leaders converged in South Korea for the Asia-Pacific Economic Cooperation (APEC) summit on Friday.
“We all stand at a critical turning point, amid a profound shift in the international order,” Lee warned in his opening remarks at the Gyeongju Hwabaek International Convention Center in North Gyeongsang, the main summit venue.
The two-day APEC Economic Leaders' Meeting convened on Friday in the historic city of Gyeongju, bringing together leaders of the 21 APEC member economies to tackle trade, supply chains and regional challenges.
“The free trade order faces rapid change, deepening uncertainty in the global economy and weakening the momentum for trade and investment,” Lee said. “Cooperation and solidarity are the surest path that will lead us to a better future.”
The first session took place under the theme of "Towards a More Connected Resilient Region and Beyond.”
Lee also emphasized that “technological revolution represented by AI presents us with both unprecedented crisis and unprecedented possibilities.”
![Korean President Lee Jae Myung, left, chats with Chinese President Xi Jinping ahead of the first session of the Asia-Pacific Economic Cooperation (APEC) summit at the Gyeongju Hwabaek International Convention Center in Gyeongju, North Gyeongsang on Oct. 31. [JOINT PRESS CORPS]](https://koreajoongangdaily.joins.com/data/photo/2025/11/01/984c3501-15aa-40af-84bf-9592f2b9ab45.jpg)
Korean President Lee Jae Myung, left, chats with Chinese President Xi Jinping ahead of the first session of the Asia-Pacific Economic Cooperation (APEC) summit at the Gyeongju Hwabaek International Convention Center in Gyeongju, North Gyeongsang on Oct. 31. [JOINT PRESS CORPS]
After Lee greeted Xi, who was the last of the leaders to arrive, the two presidents shook hands, posed for a commemorative photo and walked into the conference hall together for the first session of the APEC leaders’ summit.
The two leaders exchanged greetings, and Lee asked Xi if his trip was comfortable. Lee and Xi were scheduled to hold their first bilateral summit on Saturday.
The two leaders are expected to “exchange opinions on the denuclearization of the Korean Peninsula and the establishment of peace” during their summit on Saturday. They are also likely to discuss public livelihood issues faced in both countries, presidential spokesperson Kang Yu-jung said in a press briefing in Gyeongju on Friday.
Lee asked U.S. President Donald Trump in their bilateral summit on Wednesday in Gyeongju to allow Seoul to secure nuclear fuel supplies for conventionally armed submarines to better track North Korean and Chinese vessels, comments to which Beijing could respond sensitively. While Lee held a relay of bilateral talks with leaders attending the APEC gathering, only Trump and Xi were on state visits, requiring the highest level of protocol.
Xi arrived in South Korea on Thursday for a three-day visit, which included a summit with Trump. Upon his arrival, Lee sent Xi a welcome gift: a bundle of Hwangnam-ppang, a local pastry filled with sweet red bean paste. The gift was accompanied by a message saying, “I hope you enjoy the taste of Gyeongju.”
Hwangnam-ppang is a time-honored favorite, first baked in Gyeongju's Hwangnam-dong neighborhood in 1939.
Xi expressed his appreciation to Lee, saying, “I enjoyed the Hwangnam-ppang,” spokesperson Kang said.
She added that Xi remarked to Lee, “I’ve heard Gyeongju is a city with a very long history. It’s very impressive and a wonderful place.”
![A box of Hwangnam-ppang, pastry filled with sweet red bean paste that is a local specialty, sent to the Chinese delegation to welcome Chinese President Xi Jinping to Korea for a three-day state visit since Thursday. [PRESIDENTIAL OFFICE]](https://koreajoongangdaily.joins.com/data/photo/2025/11/01/c4b97651-ce7a-473e-b703-80cf60fe2dbb.jpg)
A box of Hwangnam-ppang, pastry filled with sweet red bean paste that is a local specialty, sent to the Chinese delegation to welcome Chinese President Xi Jinping to Korea for a three-day state visit since Thursday. [PRESIDENTIAL OFFICE]
The APEC summit brought together representatives of the 21 member economies, guest countries and heads of international organizations. The APEC economies are: Australia, Brunei, Canada, Chile, China, Chinese Taipei, Hong Kong, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Thailand, the United States and Vietnam.
The United Arab Emirates, though not an APEC member, was invited by Korea as a guest of honor to the summit, which was attended by Abu Dhabi Crown Prince Sheikh Khalid bin Mohamed Al Nahyan.
Trump, who visited Gyeongju earlier for a second summit with Lee and talks with Xi in Busan, departed Thursday ahead of the APEC main event and was represented instead by U.S. Treasury Secretary Scott Bessent. Russian President Vladimir Putin didn’t attend the summit, either, with Deputy Prime Minister Alexei Overchuk attending in his place.
Later, Lee held a working lunch and dialogue with the APEC Business Advisory Council (ABAC), a private-sector advisory body established in 1995 that holds dialogues with APEC leaders to hear their views on economic cooperation in the Asia-Pacific region and to deliver recommendations from the business community.
Leaders attending the ABAC meeting included Canadian Prime Minister Mark Carney, Philippine President Ferdinand Marcos Jr. and Chilean President Gabriel Boric.
In the talks, Lee introduced the Korean government’s policies in response to AI and demographic changes and expressed his commitment to positioning the Asia-Pacific region as a “bridge to the AI era,” connecting future technologies and the global economy, the presidential office said.
Amid global challenges to free and open trade, South Korea seeks to adopt a “Gyeongju Declaration" at the end of the summit with the endorsement of all APEC members, spotlighting AI and demographic changes. Korea last hosted the APEC summit in 2005, where the Busan Declaration was adopted. China will host APEC next year.
In the evening, Lee hosted the official welcome dinner for the APEC summit, MCed by Korean actor and singer Cha Eun-woo, and attended by some 400 heads of state, business leaders and officials, with a menu prepared by Korean American celebrity chef Edward Lee.
BY SARAH KIM [[email protected]]
with the Korea JoongAng Daily
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