A welcoming flowerbed on the street of Gyeongju for the upcoming APEC Economic Leaders' Meeting. Photo: Liu Yang/GT

Editor's Note:

As the APEC summit returns to South Korea after two decades, the meeting is widely viewed as a crucial platform to reinvigorate regional cooperation and restore confidence in globalization and multilateralism. In an exclusive interview with the Global Times (GT) reporter Ma Tong, Park Seung Chan (Park), chairman of The Federation of Korea-China and Professor at Yongin University, shared his views on how South Korea and China can strengthen coordination within APEC, expand cooperation in sectors such as AI, green energy, and aging-related industries, and jointly uphold openness and inclusiveness.


GT: APEC returns to South Korea after 20 years, and the South Korean government sees it as a crucial diplomatic occasion for its return to the international spotlight. What are the expectations of various sectors in South Korea for the event, and what signals does it hope to send to the region and world?

Park: South Korea's expectations for the APEC summit focus on political-security and trade-economic issues. Amid rising geopolitical tensions, South Korea views the summit as a key platform to promote tangible progress in key bilateral meetings, including China-US, China-South Korea, and South Korea-Japan talks. It seeks to build consensus on three fronts: strengthening economic ties among members to resist unilateralism and protectionism; tackling AI's opportunities and risks through collaborative action; and addressing shared challenges like aging populations. 

Meanwhile, the country aims to enhance its influence in the Asia-Pacific region and strengthen its regional leadership through hosting the summit. With APEC's role weakened in recent years amid waning multilateralism, particularly during the current US administration period, Seoul views this gathering as a crucial opportunity to revitalize Asia-Pacific cooperation mechanisms and lay the foundation for deeper regional collaboration in the years ahead.
In the economic sphere, South Korea hopes to use the summit to advance negotiations on US tariffs, with high-level talks seen as key to breaking the current stalemate. The accompanying CEO forum, featuring global business leaders from Google, Apple, and SoftBank, is expected to boost development in the Gyeongju region and generate indirect economic gains. 

The APEC region accounts for nearly 40 percent of the global population, almost half of global trade, and about 60 percent of global GDP. It is estimated that this year's APEC summit will generate an economic value of 7.4 trillion won ($5.14 billion) and help create 22,000 jobs. Furthermore, if China-South Korea relations thaw further on this occasion, it will bring substantial economic dividends to South Korea.

GT: Amid trade protectionism and global economic uncertainty, do you think this APEC summit can promote regional cooperation and rebuild economic confidence? What will be the key outcomes of the meeting?

Park: The success of this summit in revitalizing regional cooperation and restoring economic confidence will largely depend on South Korea's ability to uphold APEC's core spirit without being overly swayed by US policies. If the 21 member states unite to address challenges like the US-initiated tariff wars and demonstrate resolve for cooperation, it will serve as a vital demonstration effect. With its vast economic scale and regional clout, APEC's successes could boost confidence across South Korea and the wider Asia-Pacific.

I particularly hope to see concrete consensus on openness and trade cooperation, strengthening the multilateral framework. This would shape the agenda for next year's APEC summit hosted by China and further deepen China-South Korea collaboration. As an export-driven economy, South Korea must remain firmly committed to globalization and free trade. The summit should reaffirm APEC's founding purpose and serve as a platform to collectively resist unilateralism. In shaping trade policy, South Korea needs to uphold strategic autonomy to safeguard its national interests.

GT: On China-South Korea relations, there have been some positive developments recently. How do you view the current state of China-South Korea bilateral ties? How will the APEC meeting facilitate bilateral exchanges? What are some areas of cooperation that hold huge potential?

Park: The current warming of China-South Korea relationship aligns with both sides' shared aspirations and practical needs. Over the decades since diplomatic ties of both nations were established in 1992, economic and trade cooperation has remained the ballast of bilateral relations. Despite differences in political systems and development paths, both countries should continue to adhere to the principle of "seeking common ground while putting aside differences," respecting each other's systems to expand broader cooperation space. 

The APEC summit could mark a pivotal turning point, as a potential meeting between the two heads of state is expected to inject fresh momentum into the strategic partnership, further elevating trade relations and business cooperation to new heights. 

Amid US-China trade tensions, China-South Korea economic cooperation faces external headwinds, yet their strong complementarity and resilience remain evident in emerging sectors such as AI, big data, semiconductors, and batteries. Both sides should prioritize collaboration in four areas: green industries like hydrogen and renewable energy, bio-industries, aging-related sectors, and services. Meanwhile, enhancing subnational cooperation and innovating cooperation models, like supporting startups in jointly entering third markets, are key to building a shared ecosystem for innovation and competitiveness.

GT: How do you view China's role in regional and global economic development and governance? What's your take on the China-proposed Global Governance Initiative (GGI)?

Park: The GGI represents another major global initiative following the Global Development Initiative, Global Security Initiative, and Global Civilization Initiative. It places greater emphasis on concrete actions and operability, demonstrating China's stance through leading by example. For instance, while the US withdrew from the Paris Agreement, China is committed to reducing net greenhouse gas emissions by 7 to 10 percent below peak levels by 2035. This highlights China's determination and contributions to addressing global risks. In contrast to the US's inward-turning policies, China is setting an example for global sustainable development through its own transformation, advancing the global economic landscape toward greater greenness and inclusivity.
 
GT: Amid the current turbulence in the international order and the rise of protectionism, what do you see as the root causes? What common efforts can China and South Korea make to uphold the multilateral trade system?

Park: Rising protectionism and turbulence in the international order reflect shifts in the global power balance. China's growing influence has triggered strategic anxiety in the US, which has pursued policies to suppress the "rival" and maintain its hegemony. Nor, the US' unilateral trade measures and tariff conflicts have disrupted the international system and heightened global uncertainty.

As major economies in the Asia-Pacific, China and South Korea can play a demonstrative role in upholding the multilateral trade system. Through this APEC summit and next year's follow-up in China, both sides can strengthen bilateral coordination, and work with other members to consolidate the free trade system while resisting unilateralism and protectionism. This aligns with their shared interests and contributes to the stability and development of multilateral cooperation mechanisms in the Asia-Pacific and beyond.