Trade ministers from the 21 Asia-Pacific Economic Cooperation (APEC) member economies convened Thursday on South Korea’s Jeju Island for a high-stakes meeting aimed at navigating escalating global trade tensions and advancing economic cooperation in an increasingly protectionist world.
The two-day APEC Ministers Responsible for Trade (MRT) Meeting, held at the International Convention Center in Jeju, brings together top officials from APEC countries, as well as representatives from the World Trade Organization (WTO) and the Organization for Economic Cooperation and Development (OECD). The summit runs under the theme: “Building a Sustainable Tomorrow: Connect, Innovate, Prosper.”
The meeting will mainly discuss three agenda items –artificial intelligence (AI) innovation for trade facilitation, connectivity through multilateral trading system and prosperity through sustainable trade.
This year’s event draws keen attention as major APEC member nations are currently undergoing trade negotiations with Washington after US President Donald Trump began implementing sweeping tariff policies earlier this year.
“Today, the global environment surrounding APEC economies faces an array of challenges,” South Korean Trade Minister Cheong In-kyo said in an opening speech, highlighting uncertainties in trade and supply chains.
“International organizations such as the WTO and International Monetary Fund (IMF) have downgraded their projections for global trade and economic growth,” he added.
“Given this challenging global trade environment, the role of APEC is more crucial than ever … and the world is paying keen attention to this year’s MRT meeting.”
South Korean Minister of Trade, Industry and Energy Ahn Duk-geun plans to hold talks Friday with U.S. Trade Representative (USTR) Jamieson Greer on the sidelines of the MRT meeting.
The two sides are expected to discuss follow-up measures to the high-level trade consultations held in Washington last month, where the countries agreed to craft a “package” deal on U.S. tariffs and economic cooperation issues by early July.
The Trump administration imposed country-specific reciprocal tariffs, including 25 percent duties on South Korea, effective from April 9, only to place a 90-day pause on them shortly afterward to allow for negotiations.
Seoul has proposed expanding bilateral cooperation in the shipbuilding and energy sectors as part of efforts to lower U.S. tariffs on Korean goods, according to government officials.
Observers’ eyes are also on the possibility of a meeting between Greer and China’s new trade representative, Li Chenggang, during the Jeju event.
Earlier this week, the US and China jointly announced they have reached a deal in a high-stakes dialogue in Geneva to temporarily reduce tariffs for 90 days for further negotiations.
Under the agreement, the U.S. slashed its tariffs on Chinese goods to 30 percent from 145 percent, while Chinese tariffs on U.S. goods have been brought down to 10 percent from 125 percent.
Meanwhile, South Korea plans to hold bilateral meetings with trade chiefs of some 15 APEC economies throughout the event, according to the ministry. (PNA)