Apec leaders avoid controversy, pledging to deepen cooperation

Declaration emphasises shared benefits of growth; no references to trade system, WTO

- Wendy Teo South Korea Correspondent

The annual Asia-Pacific Economic Cooperation (Apec) summit held in the South Korean city of Gyeongju concluded with a joint declaration that emphasised the need to deepen cooperation to navigate the evolving global environment and ensure shared benefits of growth.

The statement, the drafting of which was not without contention, was centred on the economic grouping's three priorities for 2025 — connectivity, innovation and prosperity - and consolidated discussions on trade and investment, digital transformation and inclusive growth.

There had been doubts earlier on whether the joint declaration, which requires consensus from all 21 members, could be delivered against the backdrop of trade tensions.

The rivalry between the US and China, and the rise of protectionism with US President Donald Trump's aggressive tariff measures, have upended global trade practices.

Mr Trump has long argued that free trade and the policies of the World Trade Organisation (WTO) have been disadvantageous to the US, and his officials have opposed the reference to free trade in Apec declarations, whereas China has championed it.

In his remarks on the first day of the summit on Oct 31, Chinese President Xi Jinping urged Apec members to “practise true multilateralism, and enhance the authority and effectiveness of the multilateral trading system with the WTO at its core”, the exact thing that the US eschews.

The final draft of the so-called Gyeongju Declaration was ready only at the last minute, South Korean President Lee Jae Myung revealed at a press conference following the annual forum’s conclusion on Nov 1.