South Korea's Lee Jae Myung stresses need for closer ties among APEC members

GYEONGJU, South Korea — Amid economic uncertainty, South Korean President Lee Jae Myung highlighted Friday the need for closer cooperation among member economies of the Asia-Pacific Economic Cooperation (APEC). 

President Lee made the remarks during his opening remarks at the APEC Economic Leaders' Meeting, which was attended by 21 member-economies and representatives of other organizations. 

"We all stand at a critical turning point as the international order undergoes rapid transformation," Lee said.

"The free trade order is facing sweeping changes and global economic uncertainty is intensifying, and the momentum for trade and investment is weakening," he added. 

Philippine President Ferdinand "Bongbong" Marcos Jr. is in attendance during the AELM. South Korea is this year's host for the APEC Summit.

Lee said that although member-economies do not always share the same position, they can stand together towards the ultimate goal of achieving shared prosperity in the region. 

Data from the APEC Regional Trends Analysis indicated that growth in the APEC region is projected to reach 3.1% in 2025, slightly higher than earlier forecast of 3.0%. This was supported by resilient trade activity and robust demand for high-tech goods.

Momentum is expected to slow in 2026, however, with growth moderating to 2.9% amid rising public debt, weaker trade performance, and fading temporary drivers such as advance shipments and inventory buildup in anticipation of trade restrictions.

"APEC economies, particularly businesses, have demonstrated remarkable agility in responding to shifting trade and policy conditions," Carlos Kuriyama, Director of the APEC Policy Support Unit, said in a separate press release. 

"But this resilience is being tested as the boost from temporary factors fade and deeper structural pressures, like rising debt and slowing trade, begin to take hold," he added. — VDV, GMA Integrated News