APEC Trade Talks Begin in Jeju to Tackle Protectionism and Global Trade Challenges
JEJU (South Korea), May 15 (Bernama-Yonhap) -- Trade ministers from the 21 Asia-Pacific Economic Cooperation (APEC) member economies convened on Thursday on South Korea's southern resort island of Jeju, amid rising global protectionism and ongoing trade negotiations involving major economies, Yonhap news agency reported.
The APEC Ministers Responsible for Trade (MRT) Meeting, held under the theme 'Building a Sustainable Tomorrow: Connect, Innovate, Prosper,' will run through Friday at the International Convention Center in southern Jeju, according to South Korea's Ministry of Trade, Industry and Energy.
Senior officials from the World Trade Organisation (WTO) and the Organisation for Economic Co-operation and Development (OECD) are also attending the two-day event.
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Key agenda items include promoting innovation through artificial intelligence (AI) for trade facilitation, strengthening connectivity via the multilateral trading system, and ensuring prosperity through sustainable trade.
This year's meeting draws particular attention as several APEC member economies are in the midst of trade negotiations with the United States (US), following the implementation of sweeping tariff policies by US President Donald Trump earlier this year.
'Today, the global environment surrounding APEC economies faces an array of challenges,' South Korean Trade Minister Cheong In Kyo said in his opening address, pointing to continued uncertainties in global trade and supply chains.
He noted that international institutions such as the WTO and the International Monetary Fund (IMF) have revised down their forecasts for global trade and economic growth.
'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,' he added.
South Korean Minister of Trade, Industry and Energy Ahn Duk Geun is scheduled to hold bilateral talks on Friday with US Trade Representative Jamieson Greer on the margins of the MRT meeting.
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