APEC Summit: Asia-Pacific Leaders Convene in South Korea
Leaders from 21 Asia-Pacific economies have convened in Gyeongju, South Korea, for the Asia-Pacific Economic Cooperation (APEC) summit. This significant event runs from October 28 to November 3, 2024. Key discussions will revolve around pressing global economic issues, particularly related to trade and U.S. tariffs.
Background of APEC
The Asia-Pacific Economic Cooperation forum was established in 1989. It now comprises 21 member economies, collectively representing over 50% of the world’s GDP and housing approximately 2.7 billion people, which is about 40% of the global population. Major members include China, Russia, and the United States.
Economic Impact
During its first decade, APEC accounted for 70% of worldwide economic growth. The forum’s annual meetings prioritize cooperation aimed at reducing trade and investment obstacles among member nations.
Current Meeting Objectives
- Discussing the role of the World Trade Organization in fostering equitable trade
- Addressing issues regarding the Free Trade Area of the Asia-Pacific
- Exploring advancements in digital technology and artificial intelligence
- Tackling sustainable energy and food supply concerns
- Responding to demographic changes and promoting opportunities for women and individuals with disabilities
Key Attendees
U.S. President Donald Trump is scheduled to join the summit on October 30. He will meet with Chinese President Xi Jinping, marking their first face-to-face interaction during Trump’s second term. The discussions aim to ease trade tensions between the two nations.
South Korea’s Role
South Korea is keen to leverage this summit to enhance bilateral trade relations with the United States. President Lee Jae Myung has hinted at the possibility of Trump engaging with North Korean leader Kim Jong Un during his visit, although no meeting has been confirmed.
This year’s APEC summit serves as a crucial platform for dialogue on economic cooperation and the future of trade within the Asia-Pacific region.
