APEC Leaders Adopt Gyeongju Declaration on Trade, AI, and Demographics

The 2025 Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting concluded on November 1 in Gyeongju, South Korea, with leaders from the 21 member economies adopting the "Gyeongju Declaration." This declaration reaffirms commitments to robust trade and investment and recognizes the significance of cultural and creative industries as new growth engines.

The summit, chaired by South Korean President Lee Jae Myung, addressed pressing regional and global economic challenges, focusing on the rapid advancement of artificial intelligence (AI) and demographic shifts reshaping labor markets. President Lee introduced the APEC AI Initiative, aiming to harness AI-driven growth, and proposed a regional framework to manage demographic challenges effectively.

"The free trade system is experiencing strong turbulence, global economic uncertainty is deepening, and momentum for trade and investment is weakening," President Lee stated. "The technological revolution represented by artificial intelligence brings both unprecedented challenges and unprecedented opportunities."

Chinese President Xi Jinping emphasized the importance of defending global free trade and multilateralism amid shifting international dynamics. He pledged to maintain supply chain stability and expand cooperation in green industries, stating that China remains open to investment.

The summit also provided a platform for bilateral discussions. Taiwan's representative Lin Hsin-i met with U.S. Treasury Secretary Scott Bessent to discuss semiconductor supply chains and technological cooperation. The 40-minute discussion emphasized the importance of securing reliable supply chains and featured Bessent's interest in Taiwan's successful development of its high-tech chip industry.

Additionally, Chinese President Xi Jinping and Canadian Prime Minister Mark Carney met during the summit, committing to enhancing bilateral relations. They discussed resolving specific trade issues, notably in agriculture, seafood, and electric vehicles, and reviewed cooperation in sectors such as energy, manufacturing, climate change, and international finance.

The Gyeongju Declaration underscores the collective commitment to building a sustainable and interconnected regional economy, preparing for digital and AI transformations, and ensuring inclusive growth for all member economies. This commitment is crucial amid global economic uncertainties and challenges to the multilateral trading system.

The 2025 APEC Economic Leaders' Meeting in Gyeongju marked a significant step toward addressing the dual challenges of technological transformation and demographic shifts. Through initiatives like the APEC AI Initiative and the Collaborative Framework for Demographic Changes, member economies have laid the groundwork for a more interconnected, innovative, and prosperous Asia-Pacific region.