On Friday, October 31, the 32nd meeting of leaders of the Asia-Pacific Economic Cooperation (APEC) opened in the South Korean city of Gyeongju.
Under the slogan “Building a Sustainable Tomorrow,” this year’s APEC agenda focuses on promoting regional connectivity, encouraging innovative growth, and creating a more sustainable future for the Asia-Pacific region.
Chairing the meeting, President of the Republic of Korea Lee Jae-myung noted that amid radical changes in the free trade system, global economic uncertainty is growing, while the development of trade and investment is slowing. The technological revolution associated with artificial intelligence brings both unprecedented challenges and unprecedented opportunities, the South Korean leader said.
He added that APEC members face numerous structural problems — from accelerating population aging and widening development gaps to uneven digital transformation and rising costs of the transition to a green economy.
According to the latest APEC Regional Trends Analysis, in 2025 APEC members together will account for more than 60 percent of global GDP. Economic growth in the region this year is expected to reach 3.1 percent, slightly higher than previous estimates.
