The 21 member economies participating in the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju on the 1st adopted the Gyeongju Declaration, which includes trade and investment, digital and innovation, and inclusive growth. For the first time in an APEC leaders' document, it mentioned the cultural and creative industries and included language calling for strong intellectual property rights protection.
The Gyeongju Declaration adopted at the APEC summit, which closed on the day, consists of 25 items in total. The core values that integrate the items are consolidation, innovation, and prosperity.
The APEC economies said the Asia-Pacific region stands at a "critical juncture" and noted that "the global trading system faces serious challenges." They added that "the rapid development of innovative technologies such as artificial intelligence (AI) and demographic changes that are reshaping the structure of the labor market carry significant long-term implications for APEC members," and "urge strengthened cooperation and concrete actions for economic growth that benefits all."
As the direction for APEC to pursue, they set a goal to "realize an open, dynamic, resilient, and peaceful Asia-Pacific community by 2040 for the prosperity of all people and future generations."
The economies agreed to "reaffirm our shared understanding that robust trade and investment are essential to the growth and prosperity of the Asia-Pacific region, and continue to deepen economic cooperation to navigate a changing global environment." The language is seen as reflecting the intent to strengthen cooperation within APEC amid mounting global uncertainty caused by protectionist trade policies. Specifically, they said, "Let us pursue economic integration in the Asia-Pacific in a market-driven manner, including discussions on the Free Trade Area of the Asia-Pacific (FTAAP) agenda."
On AI, they said they "recognize the potential for AI-based procedures to contribute to trade facilitation and encourage the voluntary sharing of experiences on AI adoption and related policies," and "adopt the APEC AI Initiative as a joint effort to drive successful AI transitions within APEC, build AI capacity at all levels including through regional cooperation, and foster an investment ecosystem for resilient AI infrastructure."
They also agreed to cooperate on combating corruption and transnational crime. The economies said they "recognize that corruption poses a serious threat by distorting markets across borders, eroding public trust, and fostering crime, including organized crime," and "will continue efforts to ensure that corruption actors and illicit asset do not find safe haven."
On the cultural sector, they said they "recognize that the cultural and creative industries play an increasingly important role in contributing to economic growth, promoting people-to-people exchanges among members, and advancing mutual understanding and respect," and "affirm the importance of strong intellectual property rights protection."
On demographic shifts such as low birthrates and aging, they said they "recognize that the broad economic impacts of demographic change require a collective response through inclusive and intergenerational policies," and "adopt the APEC cooperation framework on demographic change, through which we will work together to seek new opportunities for inclusive economic growth and prosperity in the Asia-Pacific."
They also included a commitment to cooperate on food security. The economies shared that "it is important to minimize disruptions in food supply chains, promote productive, resilient, and innovative agri-food systems, prevent and reduce food loss and waste, and enhance the efficient use of agricultural resources to strengthen food security."
President Lee Jae-myung said at an APEC summit press conference on the day, "We adopted the medium- to long-term future blueprint of an open, dynamic, and peaceful Asia-Pacific Economic Cooperation, the Gyeongju Declaration," adding, "I am confident that the three documents adopted this time (the Gyeongju Declaration, the APEC AI Initiative, and the APEC joint framework for responding to demographic change) will clearly set the course for APEC going forward."