APEC must set its sights pragmatically

The Asia-Pacific Economic Cooperation’s Economic Leaders’ Meeting is about a few days away.

- LEE JAE-MIN

Leaders of its 21 member economies are coming to Gyeongju, North Gyeongsang Province, for their annual gathering on Oct. 31 and Nov. 1. It will be acritical meeting at a critical time. Amid the global turmoil triggered by unprecedented trade and investment measures in 2025, both governments and companies worldwide are watching the upcoming APEC closely as the first multilateral trade event of the tumultuous year.

While uncertain given the latest flareup of Washington-Beijing escalatory actions, US President Donald Trump and Chinese President Xi Jinping are still scheduled to meet at this occasion for their first summit in the second Trump administration. Other leaders and their ministers will meet bilaterally or in groups on the margins of the event.

Intrade, APEC is unique. Notably, it does not pursue a legally binding arrangement, but instead employs a light, open-ended approach for pilot projects through candid discussions. APEC has been overshadowed by its more prominent cousins, the WTO and the OECD, when it comes to trade matters. It doesn’t apply pressure, as seen in the negotiation-oriented, hard-nosed World Trade Organization. Nor does it delve into details and elaboration as observed in the target-specific, result-oriented OECD.