At the Asia-Pacific Economic Cooperation (APEC) CEO Summit on Wednesday, South Korean President Lee Jae Myung warned that the world faces a deepening crisis of protectionism and economic nationalism. His remarks come as regional leaders gather amid trade tensions, supply chain disruptions, and geopolitical rivalry between the United States and China.
Lee said South Korea would take the lead in reviving multilateral cooperation to address shared challenges, especially supply chain resilience.
Why It Matters:
Lee’s comments highlight a growing concern over fragmentation in the global economy, with trade barriers and strategic competition undermining the open-market principles that APEC was founded on. For export-driven economies like South Korea, the shift toward protectionism threatens both growth and regional stability.
His call for cooperation also seeks to reassert Seoul’s diplomatic relevance at a time when APEC’s unity is strained by great-power competition and nationalist policies.
South Korea: Lee framed APEC as a platform for “solidarity in times of crisis,” urging members to rebuild trust and pursue inclusive growth.
APEC Members: The remarks echo widespread unease among Asian economies over U.S.–China trade frictions and tightening technology export controls.
Global Context: Compared to 2005, when Seoul last hosted APEC, Lee noted that “the external environment surrounding APEC in 2025 is quite different,” underscoring how global politics now complicate economic cooperation.
What’s Next:
Seoul is expected to push new initiatives on supply chain coordination, green transition, and digital trade frameworks within APEC. Analysts say Lee’s speech positions South Korea as a potential bridge-builder between competing economic blocs, though turning rhetoric into action will require consensus among major powers.
With information from Reuters.
