Overview
- APEC leaders adopted the Gyeongju Declaration emphasizing “robust” trade and investment and backed cooperation on artificial intelligence and demographic challenges, with language notably avoiding explicit WTO references.
- Chinese President Xi Jinping and South Korean President Lee Jae Myung agreed to pursue peace on the Korean Peninsula and expand practical cooperation, signing seven MOUs that include renewing a 70 trillion won currency swap and joint work on services trade and online scam crackdowns.
- Seoul and Washington reached a framework tariff and investment understanding intended to accompany South Korea’s $350 billion U.S. investment pledge, including a reported $200 billion cash component subject to annual caps, pending final documents.
- The Busan meeting between President Donald Trump and Xi produced a provisional trade truce that eases immediate pressures by dialing down tariff escalation and deferring some export-control steps, with verification and high‑tech access details left to subsequent negotiations.
- North Korea dismissed Seoul’s denuclearisation push as a “pipedream” even as Lee urged Beijing’s help to restart talks, and Xi announced that Shenzhen will host the next APEC summit.