Calls for commitment to fair trade echo at APEC meeting

The APEC CEO Summit, held in Gyeongju, South Korea, underscored the critical need for fair trade, investment liberalization, and multilateral cooperation to address global economic challenges. South Korean President Lee Jae-myung, speaking at the opening ceremony, emphasized APEC’s historical role in fostering free trade and driving regional economic growth. He called for collective efforts to achieve sustainable development and equitable prosperity, particularly in the face of rising protectionism and inward-looking policies. The summit, themed ‘Building a Sustainable Tomorrow,’ also introduced an ‘AI for All’ initiative, aiming to integrate artificial intelligence as a cornerstone of APEC’s future agenda. U.S. President Donald Trump highlighted the robust growth prospects of the U.S. economy and engaged in bilateral discussions with Lee. The event, organized by the Korea Chamber of Commerce and Industry, brought together over 1,700 business leaders from 21 member economies to discuss pressing issues such as digital transformation, carbon neutrality, and global economic uncertainties. Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry, stressed the importance of deepening trade and investment ties among APEC members to ensure regional prosperity. OECD Secretary-General Mathias Cormann warned of the adverse effects of trade tensions and policy uncertainty, urging APEC economies to resolve disputes through dialogue. Experts, including Choi Pil-soo of Sejong University, cautioned against unilateral trade measures that could undermine the global trade system, advocating for adherence to the WTO’s most-favored-nation principle.