Apec leaders agree on shared trade benefits but silent on multilateralism

Facing deepening fractures in the global trade order, Asia-Pacific leaders adopted a joint declaration that emphasised the need for resilience and shared benefits in trade at the end of the annual Apec summit on Saturday.

- Reuters

However, unlike last year’s document, the declaration this year did not mention multilateralism or the World Trade Organisation, reflecting current pressures from rising geopolitical tensions and aggressive economic strategies — ranging from US tariffs to China's export controls.

“It is a result of member countries acknowledging, at least to some degree, that it will be difficult to restore a free trade order based on multilateralism and the World Trade Organization,” said Heo Yoon, a professor of international trade at Sogang University in Seoul.