Asia-Pacific Economic Cooperation (APEC) Summit 2025:
The Asia-Pacific Economic Cooperation (APEC) Summit 2025, held in Gyeongju, South Korea, concluded with the adoption of the APEC Leaders’ Gyeongju Declaration (2025), reaffirming regional cooperation, digital transformation, and inclusive economic growth.
Highlights:
- Adoption of the Gyeongju Declaration (2025): The declaration reaffirmed APEC leaders’ commitment to inclusive economic growth, recognising the transformative impact of Artificial Intelligence (AI) and demographic shifts on labour markets.
- It outlined three priorities:
- Building the world’s most dynamic and interconnected regional economy.
- Preparing the region for digital and AI transformation
- Addressing shared challenges and ensuring growth benefits all
- APEC Artificial Intelligence (AI) Initiative (2026-2030): The AI initiative seeks to drive inclusive, resilient growth by boosting innovation, cooperation, capacity building, and sustainable, energy-efficient AI development.
- Framework for Demographic Changes: Adopted by APEC, it addresses the region’s challenges of ageing populations, declining birth rates, and rapid urbanisation.
- It urges people-centred, intergenerational policies for resilient and inclusive growth, and promotes shared policy responses, social innovation, stronger employment, fiscal resilience, and a “silver economy” for ageing populations.
- Strengthened Economic and Technological Cooperation: China–South Korea renewed a currency swap and signed a cybersecurity MoU, US–China talks on the sidelines of the summit signaled easing tensions with plans to restart trade talks and cut select tariffs.
- Support for Inclusive, Rules-Based Multilateralism: Leaders reaffirmed the Putrajaya Vision 2040, stressing free and fair trade, predictable investment, and cooperation through multilateralism over fragmentation.
- Putrajaya Vision 2040 is a long-term strategic plan adopted by the APEC in 2020 to foster an open, dynamic, resilient, and peaceful Asia-Pacific community.
APEC :
- It was founded in 1989, is a regional forum of 21 economies that promotes balanced, inclusive, sustainable, and innovative growth while advancing regional economic integration across the Asia-Pacific.
- It uses the term “economies” instead of “countries” to stress economic cooperation over political representation.
- APEC works to ease the movement of goods, services, investments, and people by streamlining customs, improving business conditions, and aligning regional regulations and standards to boost trade and integration.
- Members: Australia, Brunei Darussalam, Canada, Chile, China, China, Indonesia, Japan, Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Chinese Taipei, Thailand, US, and Viet Nam.
