Amid rising geopolitical tensions and shifting global trade dynamics, Asia-Pacific leaders concluded the annual Asia-Pacific Economic Cooperation (APEC) summit on Saturday by adopting a joint declaration calling for resilience and equitable sharing of trade benefits. The summit, hosted by South Korea, took place against the backdrop of intensifying economic rivalries, including U.S. tariffs and China’s export restrictions, that have reshaped global commerce. The declaration underscored the need for stronger cooperation among member economies while acknowledging deepening fractures in the traditional trade order.

U.S. President Donald Trump announced several trade deals with China and South Korea before the summit but departed ahead of the leaders’ session. Analysts noted that U.S. positions remained evident in the final statement, which omitted any reference to multilateralism or the World Trade Organization (WTO).

“This reflects a broader acceptance that restoring the old multilateral trade system may no longer be realistic,” said Professor Heo Yoon of Sogang University in Seoul. “There is a clear paradigm shift in global trade.”  With the U.S. stepping back from its traditional leadership role, Chinese President Xi Jinping positioned China as a steadfast supporter of free and open trade. Xi announced that China would host the 2026 APEC summit in Shenzhen. However, experts observed that the joint declaration avoided portraying China as a new defender of multilateralism, recognizing that no trade system can exclude the United States.

On the sidelines of the summit, Xi concluded a three-day visit to South Korea, holding talks and a state dinner with President Lee Jae Myung. The newly elected South Korean leader faces the challenge of balancing ties between Washington and Beijing while managing tensions with North Korea. Lee expressed optimism about improving relations with China, stating, “We must go beyond simple restoration to create a path of cooperation beneficial to both sides.”

Earlier in the week, Lee hosted President Trump for a brief state visit that produced a surprise trade agreement lowering U.S. tariffs in exchange for major South Korean investments. Similar high-level engagements were organized for Xi, marking his first visit to South Korea in over a decade. Lee’s office confirmed that he and Xi discussed the denuclearization of the Korean Peninsula—a topic North Korea quickly dismissed as an unrealistic “pipe dream.”

In his closing remarks at APEC, Xi proposed establishing a World Artificial Intelligence Cooperation Organization to enhance collaboration in emerging technologies. The summit also adopted declarations on demographic change and AI, though there was no discussion of regulatory frameworks. The 2025 APEC summit will be hosted by Peru before China takes the helm in 2026, setting the stage for continued debate over the future of global trade and technology governance.