00:00Here in Gyeongju, South Korea, the Asia-Pacific Economic Cooperation, or APEC, summit has begun.
00:06Representatives of 21 economies that make up more than 50% of the global GDP are inside that building.
00:13As member economies began their first meeting, South Korean President Lee Jae-myung presented the summit as a way to tackle the, quote,
00:20turbulent shifts in the international order that he says are happening right now.
00:24As we face huge change in the free trade order, global economic uncertainty is deepening, and the momentum of trade and investment is weakening.
00:37The technical revolution brought on by AI is presenting unprecedented challenges, but also opportunities.
00:44While it's going to be a difficult challenge, I believe the answer in overcoming it is in the path that APEC has been on from the beginning.
00:51Over the next two days, they're expected to discuss topics like maintaining free trade and improving regional economic integration.
00:59In his speech, Chinese President Xi Jinping largely focused on these themes,
01:04emphasizing the importance of maintaining an open economic environment in the region,
01:08continuing to promote trade and investment, and ensuring stable supply chains.
01:13As for Taiwan, the summit presents an opportunity to emphasize its importance on the global stage.
01:18APEC is one of the few international organizations it's able to participate in.
01:23China objects to its inclusion in most world bodies.
01:26And there's been some attention on how Taiwan was presented on Friday.
01:30On a broadcast inside the press center, Taiwan's flag was shown on screen as its representative,
01:36Lin Xie, shook hands with Lee before entering the first meeting.
01:39That's significant because Taiwan participates in APEC under the name Chinese Taipei,
01:44not Taiwan, due to pressure from China.
01:47As Taiwan seeks to lower the 20% tariffs the U.S. slapped on the country's goods,
01:52Taiwan's top trade negotiator said she met with a U.S. trade official on Thursday,
01:57on the sidelines of an APEC meeting.
01:58And Taiwan's government says the two sides will continue to talk after the APEC summit ends,
02:26to reach a consensus, and ultimately, a trade agreement.
02:30They're currently focused on negotiating a lower tariff rate and supply chain cooperation.
02:35Other than trade, Taiwan's delegation also says a big focus for meetings with other countries is AI.
02:41They said AI innovation and supply chains require cooperation with other countries,
02:45so building those partnerships is one of their goals.
02:48There are sure to be many more significant moments here Friday and Saturday,
02:52both inside and outside of these formal APEC meetings,
02:55as leaders gather here to discuss some of the regional economy's most pressing issues.
03:00The South Korean government also says that member economies are close to reaching a consensus
03:04on a joint declaration, so that's something that we'll be watching out for as well.
03:08Justin Wu and Cadence Coranta in Gyeongju, South Korea for Taiwan Plus.
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