SOUTH Korean President Lee Jae Myung has warned that the global economy faces a crisis of rising protectionism and nationalism, pledging that Seoul will lead efforts to foster multilateral cooperation and resolve supply chain challenges.
"In an era where protectionism and nationalism are on the rise... the words 'cooperation, coexistence, and inclusive growth' may sound hollow," Reuters cited Lee saying on Wednesday at the Asia-Pacific Economic Cooperation CEO summit. "Paradoxically, APEC's role as a platform for solidarity will shine even brighter in times of crisis like these."
Lee noted that the international landscape in 2025 is markedly different from when South Korea last hosted the APEC summit in 2005. "As a responsible global power, South Korea could significantly contribute to restoring trust and cooperation within the APEC region, including for supply chain cooperation," he added.
South Korea is currently hosting US President Donald Trump and Chinese President Xi Jinping ahead of the annual APEC leaders’ summit, as well as leaders from across the Pacific Rim.
The country is pursuing a delicate balancing act, seeking to stabilise supply chains, diversify trading partners, and deepen cooperation with the United States, even as a formal trade deal with Washington remains uncertain.
"What matters most, however, is not the timing of the agreement but achieving a mutually beneficial deal that best serves our national interest," said South Korea’s Trade Minister Yeo Han-koo. He added that Seoul will negotiate in sectors including semiconductors, batteries, biotechnology, shipbuilding, and nuclear energy, while maintaining open channels with China to mitigate supply chain risks.
South Korea has faced pressure from Washington over trade imbalances and heavy tariffs, while also navigating restrictions and sanctions from Beijing amid heightened US–China tensions.
"It is true that heightened U.S.–China tensions have created additional uncertainty that makes global businesses attentive to the possible outcome coming out of APEC this week," Yeo said. "In a way, such circumstances make dialogue and cooperation within multilateral frameworks like APEC all the more crucial and timely."
Seoul also plans to expand trade networks with emerging economies across the Global South and pursue agreements with countries including Thailand, Bangladesh, and Pakistan, while building on recent pacts signed at the ASEAN summit in Kuala Lumpur.
"It is clear that we must diversify our trading partners to reduce dependence on any single country and open up new opportunities," Yeo said.
South Korea, Lee Jae Myung, Donald Trump, Xi Jinping, APEC, Trade, Supply Chains, Protectionism, Nationalism, Multilateral Cooperation, Global Economy - October 29, 2025
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