Latest news with #APECMinistersResponsibleforTrade
The Sun
16-05-2025
- Business
- The Sun
APEC must scale up capacity-building efforts to support sustainable trade
KUALA LUMPUR: Malaysia has called for greater investment in capacity building across Asia-Pacific Economic Cooperation (APEC) member economies to support the transition to sustainable trade. Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz said more support is needed in areas such as circular economy practices, smart agriculture, and carbon accounting. 'APEC should align sustainability standards, such as carbon measurement, environmental, social, and governance (ESG) reporting, and green certifications, across economies. 'A common approach is essential to avoid a confusing patchwork of regulations that could unintentionally create trade barriers,' he said at the APEC Ministers Responsible for Trade (MRT) Meeting in Jeju, South Korea, today. Tengku Zafrul said Malaysia is taking steps domestically to build more resilient and sustainable supply chains, including the planned introduction of a carbon tax framework in 2026, starting with the iron and steel sector. 'To ensure a just transition, we are also working on expanding green financing schemes for small and medium enterprises (SMEs) and introducing tools to support their ESG reporting and export readiness. This targeted approach is designed to accelerate the adoption of energy-efficient technologies by industries, accelerating our sustainable supply chain goals,' he said. Besides that, he also called for the accelerated development of digital supply chain information-sharing systems. 'APEC must not follow global trends; we must shape them. 'Let us position our region as a leader in sustainable trade and a model for supply chain resilience by collectively acting decisively to build future-ready systems that sustain growth,' he said. Senior officials from the World Trade Organization (WTO) and the Organisation for Economic Co-operation and Development (OECD) were also present at the two-day event, which commenced yesterday. Key agenda items include advancing innovation through artificial intelligence (AI) to facilitate trade, enhancing connectivity within the multilateral trading system, and fostering prosperity through sustainable and inclusive trade practices.
The Sun
16-05-2025
- Business
- The Sun
APEC must scale up capacity-building efforts
KUALA LUMPUR: Malaysia has called for greater investment in capacity building across Asia-Pacific Economic Cooperation (APEC) member economies to support the transition to sustainable trade. Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz said more support is needed in areas such as circular economy practices, smart agriculture, and carbon accounting. 'APEC should align sustainability standards, such as carbon measurement, environmental, social, and governance (ESG) reporting, and green certifications, across economies. 'A common approach is essential to avoid a confusing patchwork of regulations that could unintentionally create trade barriers,' he said at the APEC Ministers Responsible for Trade (MRT) Meeting in Jeju, South Korea, today. Tengku Zafrul said Malaysia is taking steps domestically to build more resilient and sustainable supply chains, including the planned introduction of a carbon tax framework in 2026, starting with the iron and steel sector. 'To ensure a just transition, we are also working on expanding green financing schemes for small and medium enterprises (SMEs) and introducing tools to support their ESG reporting and export readiness. This targeted approach is designed to accelerate the adoption of energy-efficient technologies by industries, accelerating our sustainable supply chain goals,' he said. Besides that, he also called for the accelerated development of digital supply chain information-sharing systems. 'APEC must not follow global trends; we must shape them. 'Let us position our region as a leader in sustainable trade and a model for supply chain resilience by collectively acting decisively to build future-ready systems that sustain growth,' he said. Senior officials from the World Trade Organization (WTO) and the Organisation for Economic Co-operation and Development (OECD) were also present at the two-day event, which commenced yesterday. Key agenda items include advancing innovation through artificial intelligence (AI) to facilitate trade, enhancing connectivity within the multilateral trading system, and fostering prosperity through sustainable and inclusive trade practices.
Scoop
15-05-2025
- Business
- Scoop
Ministers Meet To Tackle Global Uncertainty And Rebuild Multilateral Trade System
Issued by the APEC Ministers Responsible for Trade Meeting Jeju, Republic of Korea, 15 May 2025 Amid rising global trade and economic uncertainty, ministers responsible for trade from APEC's 21 economies convene today for the 2025 APEC Ministers Responsible for Trade (MRT) Meeting. Hosted by Korea on the UNESCO World Natural Heritage-listed Jeju Island, the meeting opened with a powerful call for cooperation and renewal of trust in the multilateral trading system. Chairing the meeting, Korea's Minister for Trade Inkyo Cheong welcomed his counterparts and reflected on the island's significance to APEC's history and to the global trade community. 'I would like to extend my sincere gratitude to everyone who has made the journey all the way to Jeju Island for this year's APEC MRT meeting,' Minister Cheong said. 'As one of the founding members of APEC in 1989, Korea began by hosting a multilateral meeting in 1991 in Seoul and hosted the MRT meeting in this very island in 2005.' 'Two decades since then, I am honored to serve as the Chair of this gathering,' Minister Cheong added. 'However, I also feel a sense of weight on my shoulders.' Minister Cheong acknowledged that APEC economies are facing overlapping challenges that are putting challenges on the global trade landscape. 'As cross-border trade and interconnected supply chains continue to expand, growing uncertainties are placing a strain on the global economy and trade landscape,' he said. 'Given this challenging global trade environment, the role of APEC is more crucial than ever. This is the reason why the world is paying keen attention to this year's MRT meeting.' He emphasized that the discussions in Jeju would center on restoring multilateralism and positioning APEC economies for the future under the 2025 host economy's theme of 'Building a Sustainable Tomorrow – Connect, Innovate, Prosper'. Ministers will explore topics including artificial intelligence innovation for trade facilitation, the future of the World Trade Organization and the multilateral trading system, as well as ways to promote prosperity through sustainable trade. Highlighting the first session on artificial intelligence, he noted, 'For the midst of the rapid transition toward the digital economy, AI is being adopted across a wide range of sectors.' He also introduced the second session on connectivity through the multilateral trading system. 'Discussions on the multilateral trading system including the WTO have long been a focus of the MRT meeting,' he said. 'WTO Director-General, Dr Ngozi Okonjo-Iweala, will open this session by introducing the topic for discussion. Given the varying opinions on the role and the direction of the WTO, I look forward to hearing insight and diverse views.' Closing the agenda, ministers will address prosperity through sustainable trade. 'Given the many challenges facing the multilateral trading system, the very existence and the role of APEC has become increasingly evident. Indeed, I believe the outcomes of our discussions will resonate over the world,' said Cheong. He ended on a hopeful note, invoking Jeju's spirit of resilience and collaboration. 'Jeju Island has long embodied the values of community in its way of life. Under this spirit, I hope today's MRT meeting will raise a solid foundation for dialogue and collaboration to overcome the political and economic challenges as well as uncertainties that we encounter.' 'Building on the progress of today's meeting, I look forward to producing meaningful outcomes at the APEC Economic Leaders' Week,' Minister Cheong concluded.
Hans India
15-05-2025
- Business
- Hans India
APEC trade ministers' meeting kicks off in South Korea
Seoul: A trade ministers' meeting of the Asia-Pacific Economic Cooperation (APEC) member economies kicked off on Thursday on South Korea's southern resort island of Jeju to discuss challenges facing global trade, with many bilateral meetings held on the sidelines highlighting the countries' efforts to address such issues stemming from growing trade protectionism. The APEC Ministers Responsible for Trade (MRT) Meeting will be held through Friday at the International Convention Center in southern Jeju, under the theme "Building a Sustainable Tomorrow: Connect, Innovate, Prosper," according the Seoul's Ministry of Trade, Industry and Energy. Top trade officials from the 21 APEC members are taking part in the two-day event, as well as senior officials from the World Trade Organization (WTO) and the Organization for Economic Cooperation and Development (OECD), reports Yonhap news agency. Soon after its start, the venue for the APEC ministers' meeting bustled with a series of bilateral meetings as many major APEC member countries, including South Korea, Japan and China, are currently undergoing trade negotiations with Washington over U.S. President Donald Trump's sweeping tariff measures. South Korean Trade Minister Cheong In-kyo was set to hold talks with US Trade Representative (USTR) Jamieson Greer later Thursday on the sidelines of the MRT meeting. The scheduled meeting follows Greer's bilateral talks with China's top trade envoy, Li Chenggang, held earlier Thursday. A separate one-on-one meeting between the USTR and South Korean Minister of Trade, Industry and Energy Ahn Duk-geun is planned for Friday. Greer's meetings with South Korean officials come after their countries agreed in Washington last month to craft a "package" deal on tariff and other economic cooperation issues by early July, when the 90-day pause on the Trump administration's country-specific reciprocal tariffs, including 25 percent duties on South Korea, will end. 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.
Barnama
15-05-2025
- Business
- Barnama
APEC Trade Talks Begin in Jeju to Tackle Protectionism and Global Trade Challenges
South Korea's Trade Minister Cheong In Kyo speaks during the opening ceremony of APEC Ministers Responsible for Trade Meeting at International Convention Center in Seogwipo on Jeju island, South Korea, May 15, 2025. REUTERS/Kim Hong-Ji 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. bootstrap slideshow 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.
