Jakarta. President Prabowo Subianto joined Friday leaders of the annual summit of the Asia-Pacific Economic Cooperation, or APEC, which had its chair South Korea, worrying about weakening trade.

Gyeongju, also known by its nickname “the city of a thousand years”, will be hosting the APEC Summit until Saturday. The freshly minted South Korean President Lee Jae Myung kicked off the APEC Economic Leaders’ Meeting, although most of the conference was not available for public broadcast. Prabowo, donning his usual traditional black cap peci, was in the room alongside his Chinese counterpart, Xi Jinping. President Lee immediately brought the regional leaders’ attention to economic uncertainties, alluding to the tariff assault launched by US President Donald Trump.

“We are all at an inflection point of rapid changes in international order. Free trade is facing wild changes. Uncertainties are growing for the global economy. Trade and investment are losing their vitality,” Lee said.

The Korean leader went on to talk about how the technological revolution of artificial intelligence (AI) became both an “unprecedented challenge and opportunity”. While Seoul called for stronger cooperation between the APEC economies, President Lee realized that it would be impossible for the members to always be on the same page.

“Each member economy may have its own interests. Yet, we can unite under the ultimate goal of gathering our strengths for co-prosperity,” he said.

Xi’s high-stakes talks with Trump the day before had overshadowed the South Korean gathering. It was then that Trump decided to bring down the total combined tariff rate on Chinese goods from 57 percent to 47 percent. Beijing also agreed to open the export of rare earths and buy American soybeans. Trump, however, had left the country early and sent his treasury secretary Scott Bessent instead for the APEC annual gathering.

Indonesia’s trade with APEC totaled $380.04 billion throughout 2024. Government data also showed Indonesia’s exports to the region amounted to $195.01 billion, while imports stood at $185.04 billion. This gave Indonesia a $9.97 billion surplus with APEC over the said period. Iron and steel, electrical equipment, and vegetable oil are among Indonesia’s key exports.

APEC encompasses Australia, Brunei Darussalam, Canada, Chile, China, Hong Kong, Indonesia, and Japan. Other members include South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Chinese Taipei, Thailand, the US, and Vietnam. APEC makes up over 36 percent of the world’s population, and around 60 percent of the global gross domestic product (GDP).

Add as a preferred source on Google +