President Lee Jae-myung said at the APEC (Asia-Pacific Economic Cooperation) summit in Gyeongju on the 29th, "In an era when protectionism and beggar-thy-neighbor policies are rearing their heads and immediate survival is urgent, the words 'cooperation and mutual growth' and 'inclusive growth' may sound hollow, but paradoxically, in such crises, the role of APEC, a platform for solidarity, will shine all the more." The remark appeared to point to the deepening trade frictions driven by the second Donald Trump administration's high-intensity tariff measures and the spread of protectionism.
Lee said this in a special address at the opening of the APCE Chief Executive Officer (CEO) Summit held at the Seoul Arts Center in Gyeongju on the morning of the day, after referring to the 2005 Busan AEPC, adding, "The external environment surrounding APEC today is very different from back then." Lee said, "As the saying goes, a friend in need is a friend indeed, APEC has held hands in moments of crisis, stood in solidarity, and proved that mutual trust is the shortcut to mutual prosperity." He added, "Korea, which rallied APEC's united resolve 20 years ago, now seeks, as APEC chair, to lead a path of multilateral cooperation to confront the crisis."