Xi Jinping holds talks with leaders of Japan, Canada and Thailand - Reuters
Illustrative photo: Xi Jinping holds talks with leaders of Japan, Canada and Thailand (Getty Images)
The annual Asia-Pacific Economic Cooperation (APEC) summit has begun in South Korea, with Chinese President Xi Jinping taking a central role in the talks, Reuters reports.
At the APEC summit held in the historic city of Gyeongju, Chinese President Xi Jinping held bilateral talks with the leaders of Canada, Japan, and Thailand. His presence became pivotal after US President Donald Trump departed South Korea, having reached a temporary trade truce with Beijing.
The agreement halted new export restrictions on rare-earth elements, easing tensions in global trade.
Focus on trade recovery
APEC brings together 21 economies of the Asia-Pacific region, with the goal of reducing trade barriers and boosting investment. This year’s discussions centered on strengthening supply chains and production networks.
South Korean President Lee Jae-myung noted that the global economy is undergoing a "period of profound transformation," as traditional models of free trade no longer function effectively.
Xi calls for unity
"The rougher the seas, the more we must pull together," Xi said, urging regional leaders to defend multilateral trade and enhance economic cooperation.
His appeal came amid ongoing trade disputes and waning trust among the world’s leading economies.
First meeting with Japan's new prime minister
Much attention was drawn to Xi’s upcoming meeting with Japan’s new Prime Minister Sanae Takaichi, marking the first contact since she took office. Relations between Tokyo and Beijing remain strained over territorial disputes and China’s import restrictions on Japanese goods.
Canada seeks dialogue with Beijing
Canadian Prime Minister Mark Carney also expressed his intent to renew cooperation with China after years of strained ties. His office stated that Ottawa aims to "restore broad engagement" while reducing dependence on the US.
Trade frictions persist; however, China has imposed anti-dumping duties on Canadian canola, while Canada has restricted imports of Chinese electric vehicles.
US role and tech dimension
The summit drew additional attention due to the participation of Nvidia CEO Jensen Huang, whose company recently became the first in the world to surpass $5 trillion in market value.
However, sources said the issue of US semiconductor exports to China was not discussed during Trump and Xi’s recent talks.
Beijing reiterated that economic cooperation should remain the cornerstone of its relations with Washington, emphasizing the need for joint efforts to address global challenges and strengthen international stability.
Earlier, Trump and Xi met in Busan, confirming their trade consensus and expressing readiness to continue dialogue aimed at ending the war in Ukraine.
