Leaders from the Asia-Pacific Economic Cooperation forum have adopted a summit declaration emphasizing the importance of multilateral cooperation. The statement comes amid growing concern about protectionism ahead of US President-elect Donald Trump's inauguration.

The two-day APEC summit wrapped up in Peru's capital, Lima, on Saturday.

Japanese Prime Minister Ishiba Shigeru and US President Joe Biden were among the participants from 21 countries and regions to discuss trade, investment and sustainable growth.

A number of leaders voiced concerns about growing protectionism, in light of US President-elect Donald Trump's return to office in January 2025.

Chinese President Xi Jinping said the APEC is "confronted with challenges such as rising tendencies of geopolitics, unilateralism and protectionism."

The leaders' declaration underscores the need for multilateral cooperation to respond to unprecedented and rapid changes. It also stresses the importance of delivering a free, open and predictable trade and investment environment.

APEC chair, Peruvian President Dina Boluarte, said the declaration reflected the forum's vision to build a prosperous, peaceful and resilient Asia-Pacific community, so that people can benefit from the global economy.

Next year's APEC forum is scheduled to be held in South Korea. China will be the 2026 host.