The clock of Asian diplomacy is pointing to Gyeongju. With Korea-U.S. (on the 29th), U.S.-China (on the 30th), and Korea-China (Nov. 1) summits held in succession, Gyeongju has become a battleground for global diplomatic engagements. It is the first time ever that the U.S. and Chinese leaders are simultaneously visiting a provincial city, marking the full opening of a diplomatic super week of "free trade vs. protectionism."
◇World leaders converge on Gyeongju… "All 21 member delegations gathering"
Delegates from the 21 Asia-Pacific Economic Cooperation (APEC) members are set to arrive one after another starting on the 29th ahead of the plenary session on the 31st. U.S. President Donald Trump and Chinese President Xi Jinping will both visit Korea as state guests. For Trump, it is the first visit since returning to office and the first in six years since 2019, and for Xi, it is a visit after 11 years. It is the first time the U.S. and Chinese leaders are being received simultaneously in a provincial city rather than in Seoul.
Japan's Prime Minister Sanae Takaichi chose Gyeongju as the first overseas destination after taking office, and Canada's Prime Minister Mark Carney, Singapore's Prime Minister Lawrence Wong, Australia's Prime Minister Anthony Albanese, and Indonesia's President Prabowo Subianto will also attend. Russia sent Deputy Prime Minister Alexey Overchuk in place of President Vladimir Putin, and Taiwan and Hong Kong will be represented by adviser Lin Hsin-yi and Chief Executive John Lee, respectively.
Special guests include Crown Prince Khalid of the UAE and International Monetary Fund (IMF) Managing Director Kristalina Georgieva. Leaders will be accommodated across major hotels in Gyeongju, and the government will deploy more than 70 protocol officers to oversee movements and security.
◇Korea-U.S. → U.S.-China → Korea-Japan → Korea-China... breathless summit diplomacy over three days
The diplomatic round begins with the Korea-U.S. summit on the 29th. President Trump will travel to Gyeongju after his Japan tour to meet with President Lee Jae-myung. The two countries are expected to focus on tariff, security, and investment environments, as well as on cooperation measures for the semiconductor supply chain.
The presidential office said, "The outline for an agreement in the security field has taken shape, but the trade field is being coordinated until the end." U.S. automobile and steel tariff, investment attraction in the United States by Korean corporations, and defense cost sharing are cited as key agenda items.
President Trump said, "We will build the prosperity of allies together through fair trade," and President Lee is expected to request easing burdens on Korean corporations and strengthening trade cooperation.
The U.S.-China summit scheduled for the 30th is the biggest diplomatic event of this APEC in Gyeongju. In high-level talks in Malaysia, the two countries agreed on a "strategic truce" centered on China deferring export controls on rare earths and the United States withdrawing the additional 100% tariff.
U.S. Treasury Secretary Scott Bessent said, "The two leaders will finalize detailed agreements in Korea." However, experts noted that fundamental structural reform remains distant. Scott Kennedy, senior adviser at the Center for Strategic and International Studies (CSIS), said, "Both sides are pushing only limited agreements while setting aside difficult issues." Markets, on the other hand, are showing optimism, saying that "even a partial agreement will reduce uncertainty."
Key issues at this summit include whether the "phase one trade deal" is being implemented, U.S. export controls on advanced semiconductors, and subsidies for Chinese state-owned enterprises.
On the same day, Japan's Prime Minister Takaichi will also visit Korea. The two countries are coordinating to hold a Korea-Japan summit on the 30th. At her inauguration press conference, Takaichi said, "I like Korean gim, cosmetics, and drama," and added, "I want to meet President Lee Jae-myung in person and have a constructive conversation." Although she is categorized as a hard-line conservative, she has signaled a desire to improve Korea-Japan relations since taking office and put on hold a visit to the Yasukuni Shrine's autumn grand festival. Japanese media called this "a sign of diplomatic pragmatism."
Lastly, on Nov. 1, President Xi Jinping and President Lee Jae-myung will hold a Korea-China summit. It is Xi's first visit to Korea in 11 years. The presidential office said, "This summit will be a starting point for restoring Korea-China relations." The two countries plan to discuss the North Korean nuclear issue, strengthening the partnership, stabilizing supply chains, and trade cooperation. Before the summit, President Lee will hand over the APEC chairmanship baton to Xi and map out future directions for cooperation.
◇Attention also on producing a free-trade declaration
At the plenary session on the 31st, discussions will focus on free trade, innovation, and responses to demographic changes under the theme "A sustainable tomorrow we build."
The Korean government is aiming for the "Gyeongju Declaration," which codifies the free-trade order, and if an agreement fails, it is considering adopting a separate declaration covering AI cooperation and responses to demographic changes.
Oh Hyun-joo, third deputy director of the Office of National Security, said, "We are making every effort to produce a declaration even as the global trade order wavers."