Leaders of 21 Asia-Pacific Rim nations have wrapped up their annual summit with a statement underscoring regional economic co-operation, just days after the presidents of the United States and China agreed to dial down their trade war.

After two days of the Asia-Pacific Economic Co-operation summit in the South Korean city of Gyeongju, APEC leaders issued a joint statement pledging greater co-operation to overcome shared challenges in a global economy hit hard by trade tensions between the US and China, the world's two largest economies.

On Thursday, US President Donald Trump and China's Xi Jinping - who met on the sidelines of the APEC summit - dialled back earlier steps and agreed to de-escalate trade tensions.

Trump, known for his dismissal of multilateralism, quickly left South Kore

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