APEC Summit Overview
Chinese leader Xi Jinping emphasized China's commitment to defending global free trade during the Asia-Pacific Economic Cooperation (APEC) summit, which was overshadowed by a previous meeting between Xi and US President Donald Trump. Trump's absence from the summit, held in Gyeongju, South Korea, highlighted his preference to avoid large multilateral forums.
Key Outcomes from Xi-Trump Meeting
- Trump agreed to cut tariffs on China.
- China agreed to allow exports of rare earth elements and start purchasing American soybeans.
- These agreements aimed to ease escalating trade tensions between the two nations.
Xi Jinping's Address at APEC
Xi Jinping advocated for multilateralism, emphasizing the importance of cooperation amid global turbulence. He also highlighted the need for maintaining supply chain stability and expanding green industry cooperation, despite criticism of Chinese exports undercutting domestic industries abroad.
Challenges Facing APEC
- Strategic competitions, particularly between the US and China.
- Supply chain vulnerabilities.
- Ageing populations and the impact of AI on jobs.
The US, represented by Treasury Secretary Scott Bessent, focused on building resilient production networks, aiming for fair trade terms.
Efforts to Enhance Cooperation
APEC leaders, representing 21 economies, discussed promoting economic cooperation to tackle shared challenges. South Korea, the host, emphasized AI cooperation and demographic challenges, seeking a joint statement endorsing regional peace and prosperity.
Potential Tensions and Future Directions
Despite positive discussions, potential tensions remain between the US and China over manufacturing dominance and emerging technologies. Experts like Leif-Eric Easley stress that APEC's role is to promote broader multilateral efforts to address economic challenges, beyond merely facilitating trade truces. ```