South Korea, May 16 – The Asia-Pacific Economic Cooperation (APEC) forum concluded its annual trade meeting in South Korea on Friday with a joint statement acknowledging key challenges facing the global trading system. The agreement comes amid ongoing concerns over tariff policies impacting international commerce.
In the joint communiqué, APEC members voiced concern over “fundamental challenges” to the global trade framework and reiterated their commitment to APEC as a platform for regional economic cooperation. The statement also emphasized continued support for the World Trade Organization (WTO), recognizing its rules as central to the integrity of global trade.
“We recognize the importance of the WTO to advance trade issues,” the statement read, underlining its role in maintaining an open and rules-based international trading system.
The meeting, held on Jeju Island, occurred in the context of recent changes to tariff structures by one member economy, affecting over half of APEC’s 21 member states. These developments prompted discussions among trade representatives, though no collective response to the tariff issue was formally proposed.
South Korea’s Minister for Trade, Cheong In-kyo, credited the meeting with generating momentum to address broader economic uncertainties. “There was new momentum created through these meetings to overcome a difficult situation… as APEC urged a trans-regional effort to break through uncertainties engulfing the global economy,” Cheong said.
The consensus at APEC follows the earlier inability of G20 finance leaders to issue a joint communiqué at their February meeting in Cape Town, highlighting the complexity of international trade discussions.
Although not on the official agenda, several bilateral meetings took place on the sidelines of the event. U.S. Trade Representative Jamieson Greer met with multiple counterparts, including China’s Vice Commerce Minister Li Chenggang and South Korea’s Cheong, among others. These discussions built upon previous meetings and ongoing negotiations on trade matters.
While details of the bilateral conversations remain limited, participants expressed a general willingness to continue dialogue and cooperation on economic issues.
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