APEC Leaders Adopt Declaration without WTO Reference

Gyeongju, South Korea, Nov. 1 (Jiji Press)--Leaders from the Asia-Pacific Economic Cooperation forum ended a two-day summit in South Korea on Saturday, adopting a declaration that made no mention of the World Trade Organization, which has been positioned as the core of the free trade system in past APEC statements.

"We acknowledge the importance of a trade and investment environment that promotes resilience and benefits for all," read the latest declaration, adopted by the 21 economies that participated in the meeting in Gyeongju, southeastern South Korea.

The 2024 declaration, adopted at a summit in Peru, affirmed "support for the rules-based multilateral trading system, with the WTO at its core."

The WTO was apparently omitted from the Gyeongju declaration due to strong opposition from the United States, which has voiced dissatisfaction with the global body's shortcomings and leaned toward protectionism.

Many had been watching to see whether participants could cooperate to uphold the free trade system amid growing global economic uncertainty stemming from Washington's high tariff policy.

[Copyright The Jiji Press, Ltd.]