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APEC ends with 'Gyeongju Declaration' underscoring importance of trade

Published: 01 Nov. 2025, 15:24 Updated: 02 Nov. 2025, 19:51

SEO JI-EUN
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Leaders and envoys of Asia-Pacific Economic Cooperation member states pose for a group photo during the summit, wearing modern reinterpretations of hanbok (traditional Korean clothing) scarves, symbolizing the harmony between Korea’s cultural heritage and the creative spirit of hangul at the Gyeongju Hwabaek International Convention Center in Gyeongju, North Gyeongsang, on Nov. 1. [YONHAP]

GYEONGJU, North Gyeongsang — The 21 Asia-Pacific Economic Cooperation (APEC) member economies on Saturday adopted the “Gyeongju Declaration” documenting the final outcome of the APEC Economic Leaders’ Summit, with a reaffirmation of the importance of “robust trade and investment” to the Asia-Pacific region.

The declaration also marked the first-ever inclusion of “cultural and creative industries” in an APEC leaders’ statement, recognizing them as new engines of growth in the region.

According to the presidential office, the APEC Leaders’ Gyeongju Declaration encompasses three priorities for 2025 — connectivity, innovation and prosperity — and consolidates discussions on trade and investment, digital transformation and inclusive growth. It also reflects members’ shared resolve to cooperate on AI and respond to demographic challenges across the Asia-Pacific region.

In particular, the member economies agreed to “advance economic integration in the Asia-Pacific region in a manner that is market-driven, including through the work on the Free Trade Area of the Asia-Pacific agenda” in the declaration, but avoided mention of the World Trade Organization.

The United States, long skeptical of directly invoking “free and open trade” in multilateral statements, had resisted the term under the Donald Trump administration’s “America First” policy.

U.S. Treasury Secretary Scott Bessent attended the final session on behalf of President Donald Trump, who departed Korea earlier, skipping the summit, while Chinese President Xi Jinping remained in Gyeongju, North Gyeongsang, through the summit’s conclusion.

“The final text was confirmed only at around 7:30 a.m. this morning," President Lee Jae Myung said at a press conference at the International Media Center on Saturday afternoon. "There were differences over whether to include a dedicated chapter on trade and investment, but we smoothly reached an agreement. I believe this declaration represents a meaningful conclusion on the direction Asia-Pacific nations should take together."

The presidential office said Seoul “demonstrated strong leadership” in bridging the gap between Washington and Beijing, achieving consensus “despite the ongoing tensions over tariffs and trade."

The office added that the agreement “holds significance as it presents a comprehensive framework for cooperation among the 21 economies amid heightened global economic uncertainty,” emphasizing that “it reaffirms APEC’s founding spirit of solidarity and shared prosperity.”

President Lee Jae Myung holds a press conference in Gyeongju, North Gyeongsang, on Nov. 1, following the Asia-Pacific Economic Cooperation summit. [YONHAP]

The Gyeongju Declaration also recognized cultural and creative industries as new drivers of growth in the Asia-Pacific, a first for any APEC leaders’ document. The presidential office said the inclusion symbolizes how Korean culture has become “a central force for regional development and mutual understanding.”

According to the top office, the AI initiative marks APEC’s first formal statement on a vision for AI and the first AI-related agreement jointly endorsed by both the United States and China. The document reflects Korea’s proposals to establish an “Asia-Pacific AI Center” and promote “AI for an inclusive society,” aligning with the government’s domestic AI strategy.

The "Framework on Demographic Change" addresses regional challenges stemming from low birthrates and aging populations. It outlines cooperation in five key areas: building resilient social systems, modernizing human capital development, advancing tech-based health care and care services, enhancing economic participation for all and fostering policy coordination across the region.

Following the second and final session of the APEC summit, titled "The Retreat," Lee formally handed over the APEC chairmanship to Chinese President Xi Jinping, whose country will host next year’s summit. Seoul said it will continue working closely with Beijing to build on this year’s achievements and maintain policy continuity.

Update, Nov. 2: Final language of the Gyeongju Declaration added.

BY SEO JI-EUN [[email protected]]