President Yoon Suk Yeol receives the "varayok," a traditional Peruvian gavel, from Peruvian President Dina Boluarte, taking over the chairmanship of the Asia-Pacific Economic Cooperation (APEC), after completing the second session of retreat of the 31st APEC Summit at the Lima Convention Center in Peru, Saturday (local time). Yonhap

President Yoon Suk Yeol highlighted South Korea's commitment to leading global cooperation on artificial intelligence regulation, food security and a clean energy transition as the chair country for next year's Asia-Pacific Economic Cooperation (APEC) summit.

As Yoon received the ceremonial "varayok" — a traditional Peruvian staff symbolizing authority and leadership — from Peru, this year's APEC chair, during the handover ceremony following the APEC retreat session on Saturday (local time), South Korea formally assumed the role of the next APEC chair.

Next year's APEC summit will be held in Korea's southern city of Gyeongju in South Gyeongsang Province, renowned for its historic and cultural heritage. It will be the first time in 20 years that South Korea will be hosting the annual global event.

After taking over the chairmanship, Yoon introduced the next APEC summit's theme, jointly building a sustainable future, particularly emphasizing the need for countries' collaborative efforts in achieving a clean energy transition and food security. Yoon also commended Peru for its effective leadership this year, which successfully guided member economies in adopting key roadmaps to achieve inclusive economic growth.

"This year's chair, Peru, has provided a clear direction for APEC to advance toward sustainable growth and prosperity in the Asia-Pacific region. Building on Peru's achievements, Korea will host the 2025 APEC Summit in Gyeongju, a city with a history spanning over two millennia," the president said during the APEC meeting in Lima, Peru.

"At next year's APEC Summit in Gyeongju, Korea will present a blueprint for a future where the Asia-Pacific region is more closely connected, more innovative, and more prosperous," Yoon added, urging the leaders of member countries to show support and commitment.

President Yoon Suk Yeol speaks during a handover ceremony at the Asia-Pacific Economic Cooperation summit in Lima, Peru, Friday. AP-Yonhap

Specifically, the Korean president stressed the importance of securing a stable supply chain, considering the high economic interdependence within the APEC member economies. He mentioned that the Indo-Pacific Economic Framework Supply Chain Crisis Response Network, which Korea has been chairing since this year, serves as an innovative global collaboration platform, adding that he hopes it will be actively utilized in APEC discussions on stabilizing supply chains across the Asia-Pacific region as well.

"Additionally, new norms and frameworks are essential in the digital age. While the Digital Economy Partnership Agreement, where Korea began to participate this year, will provide an excellent platform for enhancing digital connectivity, I also propose the establishment of an APEC AI standard forum. This initiative aims to develop common standards and certification systems for AI technologies, ensuring their innovative potential is fully realized while safeguarding their safety and reliability," Yoon said.

The South Korean president also underscored the need to jointly address the challenges of climate change and clean energy to ensure shared prosperity among APEC members.

"Coinciding with next year's APEC summit, Korea plans to host the Carbon-Free Energy Summit, bringing together governments, international organizations, and companies from both energy demand and supply sectors. Building on the discussions held in Peru this year, Korea will explore ways to achieve carbon neutrality through the use of clean energy sources, including hydrogen, nuclear power and renewable energy," Yoon noted.

Following Korea's leadership of APEC in 2025, China will host the annual event as a chair country in 2026, while Vietnam and Singapore will each host the event in 2027 and 2030, respectively.

President Yoon Suk Yeol, along with leaders of APEC member economies, wave as they conclude their meeting in Lima, Peru, Saturday (local time), by issuing the 2024 APEC Leaders' Declaration. From left in the second row are Thailand's Prime Minister Paetongtarn Shinawatra, U.S. President Joe Biden and Vietnam's President Luong Cuong. Malaysia's Prime Minister Anwar Ibrahim is on the right in the first row. EPA-Yonhap

On the sidelines of the APEC summit, leaders of South Korea, the United States and Japan met for about 40 minutes in Lima on Friday, once again reaffirming their trilateral security partnership. During the meeting, Yoon, U.S. President Joe Biden and Japanese Prime Minister Shigeru Ishiba strongly condemned North Korea's deployment of troops to Russia and its involvement in the conflict.

"We strongly condemn violations of multiple United Nations Security Council resolutions by the DPRK and Russia, especially in light of the DPRK's decision to deploy troops to Russia for combat against Ukraine," the three countries said in a joint statement after the trilateral meeting. "Deepening military cooperation between the DPRK and Russia, including munitions and ballistic missile transfers, is particularly egregious given Russia's status as a Permanent Member of the U.N. Security Council. We remain resolute as ever in supporting Ukraine as it exercises its inherent right to self-defense as enshrined in Article 51 of the U.N. Charter," they added.

President Yoon Suk Yeol stands next to U.S. President Joe Biden and Japanese Prime Minister Shigeru Ishiba in Lima, Peru, Friday (local time). Yonhap

The three countries' leaders also agreed to establish the Trilateral Secretariat, seeking to ensure the cooperative framework to "further aligns our objectives and actions to make the Indo-Pacific a thriving, connected, resilient, stable, and secure region."

The new secretariat will rotate its leadership every two years, with South Korea, the U.S. and Japan taking turns. The secretariat will soon be established within Korea's Ministry of Foreign Affairs and will operate under Korea's leadership for the first two years.

The following day, Yoon and Ishiba met for a bilateral meeting, agreeing to strengthen Korea-Japan cooperation further and continue meetings between the two.

The two neighbors are to celebrate the 60th anniversary of Korea-Japan diplomatic normalization next year. This was Yoon and Ishiba's second summit following their meeting in October.

President Yoon Suk Yeol and his Chinese counterpart Xi Jinping hold a summit at a hotel in Lima, Peru, Friday (local time). Yonhap

Yoon also held a bilateral meeting with Chinese President Xi Jinping at a hotel in Lima on Friday. Yoon exchanged greetings with Xi about a year ago during last year's APEC summit in San Francisco, but it was their first bilateral summit talks in two years since the Group of 20 Summit in Indonesia in November 2022.

During the meeting, the two countries agreed on their shared goal of alleviating conflicts and contributing to regional peace and prosperity. They also reaffirmed their common stance of maintaining mutual efforts to develop bilateral ties further.

Regarding North Korea, Yoon raised concerns about the North's ongoing intercontinental ballistic missile tests, military provocations and military cooperation with Russia, calling on China to play a constructive role in addressing these actions that contribute to regional instability. Xi, in turn, expressed China's desire for regional stability, stating that China does not wish for tensions on the Korean Peninsula. He emphasized that the issue should be resolved peacefully through dialogue and negotiation, with the involved parties seeking a political solution.

In addition, during this APEC summit, Yoon held summits with Vietnamese President Luong Cuong, Brunei's Sultan Hassanal Bolkiah, as well as his sixth meeting with Canadian Prime Minister Justin Trudeau.

President Yoon Suk Yeol and Peruvian President Dina Boluarte wave to journalists, before they begin a summit meeting at the presidential palace in Lima, Peru, Saturday (local time). Yonhap

Meanwhile, Yoon marked his first visit to Peru on Saturday. It was the first state visit to the country by a South Korean president since 2015 and Yoon's first state visit to a Latin American country since taking office in 2022.

Based on their firm relationship, which celebrated its 60th anniversary last year, South Korea and Peru agreed to deepen their cooperation in defense, mineral trade, investment and infrastructure by signing multiple memorandums of understanding.