APEC Summit 2023: Shaping the Future of Asia-Pacific Economic Cooperation

The annual Asia-Pacific Economic Cooperation (APEC) summit commenced in Gyeongju, South Korea, bringing together leaders from 21 Asian and Pacific Rim nations to tackle economic cooperation and shared challenges.

The summit, overshadowed by a recent meeting between President Donald Trump and Chinese President Xi Jinping, saw Trump claiming success in cutting tariffs and China agreeing to export rare earth elements to the U.S. The meeting aimed to alleviate concerns over the escalating trade war between the world's two largest economies.

While Trump and Xi's agreement offered some relief, significant challenges like strategic competition, supply chain vulnerabilities, and the impact of AI on jobs remain. South Korean President Lee Jae Myung emphasized the need for collaboration to achieve shared prosperity amid rapidly changing economic environments.