SEOUL (Reuters) -Leaders from 21 Pacific Rim economies will gather this week in Gyeongju, South Korea, for the Asia-Pacific Economic Cooperation, or APEC, forum.
Meetings began Monday and will run through Saturday, though talks are expected to be overshadowed by U.S. President Donald Trump’s sweeping global tariffs and high-stakes trade standoffs with China and other nations.
Trump will arrive on Wednesday but is scheduled to depart before the APEC leaders’ summit itself. He is expected to see Chinese President Xi Jinping for their first in-person meeting of Trump’s second term, as the two countries seek to dial down trade tensions.
The following are facts about the APEC meeting:
– APEC, which was founded in 1989, has 21 members that represent more than 50% of global GDP and are home to some 2.7 billion people, or 40% of the world’s population. China, Russia and the U.S. are three of the group’s largest members. The APEC region generated 70% of the world’s economic growth during its first 10 years of existence.
– Leaders of the countries meet annually. The last gathering was in November 2024 in Peru, dominated by worries over the incoming Trump administration’s vows to enact tariffs and reverse course on issues like climate change.
– The economic club aims to encourage cooperation and reduce trade and investment barriers, though decisions made at meetings are non-binding and consensus has been increasingly difficult. South Korea says it wants to use this year’s forum to discuss supply chains, the World Trade Organization’s role in fostering a free and fair trade environment, as well as advancing the Free Trade Area of the Asia-Pacific, an agreement designed to eventually include all APEC members.
– The agenda also includes topics like adapting to digital change, harnessing artificial intelligence, sustainable energy, food supplies, responding to demographic shifts and increasing opportunities for women and people with disabilities.
– South Korea is hosting Trump and Xi for state visits and it is hoping to make progress on a trade deal with the U.S. President Lee Jae Myung has suggested Trump use the visit to engage with North Korean leader Kim Jong Un, but it is unclear whether a meeting will happen.
(Reporting by Josh Smith; Editing by Thomas Derpinghaus)
Comments