APEC leaders wrap up Gyeongju summit with joint declaration on trade, AI and ageing
Leaders of the 21 Asia-Pacific Economic Cooperation (APEC) economies wrapped up their two-day summit in Gyeongju, South Korea, on 1 November, adopting a joint statement — the Gyeongju Declaration — that calls for resilient trade and investment and shared benefits across the region.
Alongside the declaration, leaders adopted two further documents: an APEC Artificial Intelligence Initiative and a collaborative framework on demographic change, covering low birth rates and ageing populations. President Lee Jae Myung, who chaired the meeting, said it reflected members’ commitment to the Putrajaya Vision 2040, APEC’s long-term plan for the region.
The declaration backs market-driven economic integration, including work towards a Free Trade Area of the Asia-Pacific. It is the first APEC leaders’ statement to mention cultural and creative industries as a new engine of growth. But unlike last year’s document, it does not mention multilateralism or the World Trade Organization — a gap analysts linked to Washington’s views.
Trump left before the summit began, after meeting Xi on Thursday; US Treasury Secretary Scott Bessent attended the final session in his place. Xi stayed for the full summit, proposed a World Artificial Intelligence Organisation, and received the APEC chairmanship from Lee; China hosts next year’s summit in Shenzhen.
Lee said the final text was only confirmed at about 7:30 a.m. on 1 November, after differences over a dedicated chapter on trade and investment. “We smoothly reached an agreement,” he told reporters.
Why it matters
With 21 member economies spanning the Pacific Rim, even a carefully worded declaration signals where trade rules are heading. Omitting the World Trade Organization suggests members accept the old multilateral order will be hard to restore.
It also showed the region’s shifting influence: Trump left early, while Xi stayed and took the chairmanship. For Pakistan and other economies outside APEC, the stakes are tariffs, supply chains and market access shaped in rooms like this one.
What happens next
The three documents now pass to APEC’s working groups to turn into practical cooperation, with the next summit set for Shenzhen. The test is whether the Trump–Xi understanding reached before the summit — lower US tariffs for action on fentanyl, renewed soybean purchases and continued rare-earth exports — holds.
This article is for general information and education only. It is not legal or financial advice.
Sources
- https://www.korea.net/NewsFocus/policies/view?articleId=281512 (Korea.net, 1 November 2026)
- https://malaya.com.ph/business/business-news/asia-pacific-leaders-call-for-shared-trade-benefits-as-apec-summit-wraps-up/ (Reuters via Malaya Business Insight, 1 November 2026)
- https://www.koreajoongangdaily.com/korea/apec-ends-with-gyeongju-declaration-underscoring-importance-of-trade/10382673 (Korea JoongAng Daily, 1 November 2026)
