“The situation we are facing is quite complex,” Lee said at the opening of the Asia-Pacific Economic Cooperation (APEC) summit in the city of Gyeongju, in the south of the country. “The order of free trade faces a tumultuous future,” and “competition is becoming increasingly fierce,” the South Korean leader added.
Lee expressed hope that the spirit of “cooperation and solidarity” will prevail during the two-day summit, which includes Chinese President Xi Jinping but not U.S. President Donald Trump. “I understand that there cannot always be consensus, but we must join forces to achieve prosperity,” the head of state added before the start of a closed-door meeting.
The South Korean President warned about advancements like artificial intelligence, which represents “an unprecedented risk and, at the same time, an opportunity.”
Among those present at the meetings, besides Lee and Xi Jinping, are Japan’s newly appointed Prime Minister Sanae Takaichi, Chilean President and the only Latin American leader at the summit Gabriel Boric, Philippine leader Ferdinand Marcos Jr., and Canadian Prime Minister Mark Carney.
In addition to the summit, much attention is focused on bilateral meetings, especially with the Chinese President. Xi Jinping has a bilateral meeting scheduled with Lee for tomorrow, while a planned in-person meeting with Takaichi has not yet been confirmed by either party.
The summit is taking place in the absence of Trump, who left South Korea on Thursday after meeting with Xi and signing a series of agreements that represent a de-escalation of the trade war between the two powers, with suspensions of tariffs and export restrictions, as well as a rapprochement on issues such as Ukraine.
Founded in 1989 to promote trade integration, APEC comprises 21 territories in Asia and the Americas bordering the Pacific Ocean: Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Taiwan, Thailand, the United States, and Vietnam.
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