Latest news with #APECMinistersResponsibleforTradeMeeting
The Star
18-05-2025
- Business
- The Star
Asean backs fair free trade as it moves forward with US tariff talks, says Thai minister
Image from The Nation Thailand/ANN BANGKOK (The Nation Thailand/ANN): "Asean reaffirms its stance, uniting to tackle global economic challenges and seize US tariff relief for constructive talks." Thailand's Commerce Minister Pichai Naripthaphan said this on Sunday following his participation in the Asean Ministerial Caucus, held alongside the APEC Ministers Responsible for Trade Meeting in Jeju, South Korea. He was joined by economic ministers from Asean member states within APEC, including Malaysia, Singapore, Vietnam, the Philippines, Indonesia and Brunei. Pichai explained that the meeting had discussed the volatile global economic landscape, exchanging strategies for regional trade cooperation and strengthening relations with the United States amid global economic uncertainties. "Asean also reaffirms its collective commitment to supporting an open, fair and rules-based free trade system, while urging the avoidance of protectionist measures," he stated. "Asean also sees the 90-day suspension of US tariff measures as an opportunity to initiate constructive negotiations to resolve trade disputes." Pichai further elaborated that Asean ministers agreed that regional unity and a timely response to global economic fluctuations are crucial factors in maintaining Asean's prominent role on the global stage. The bloc will accelerate proactive cooperation, such as modernising the Asean Trade in Goods Agreement (ATIGA) to align with the contemporary economic landscape while emphasising the importance of a multilateral trade system in ensuring long-term economic stability. Pichai also highlighted Thai government's commitment to maintaining domestic economic stability while supporting businesses affected by international developments, particularly small and medium-sized enterprises (SMEs), which are considered vulnerable. The government has introduced short- and long-term measures such as low-interest loans, knowledge development programmes, and export market expansion under free trade agreements (FTAs), with a particular focus on the Regional Comprehensive Economic Partnership (RCEP). Currently, Asean is the world's fifth-largest economic bloc, with a population of approximately 680 million people (8.5% of the global population) and a combined nominal GDP of around US$3.9 trillion (129.31 trillion baht). - The Nation Thailand/ANN
Barnama
17-05-2025
- Business
- Barnama
Asia-Pacific Trade Ministers State Importance Of WTO Amid Global Trade Uncertainties At South Korea Meeting
ISTANBUL, May 17 (Bernama-Anadolu) -- Asia-Pacific Economic Cooperation (APEC) trade ministers stated Friday the significance of the World Trade Organisation (WTO) amid global trade uncertainties. "We recognise the importance of the WTO to advance trade issues, and acknowledge the agreed-upon rules in the WTO as an integral part of the global trading system," they said in a statement. APEC countries "recognise the WTO has challenges and needs meaningful, necessary, and comprehensive reform to improve all its functions, through innovative approaches, to be more relevant and responsive in light of today's realities," it added. bootstrap slideshow The APEC Ministers Responsible for Trade Meeting was held for two days on Jeju Island in South Korea, concluded Friday, with WTO Director-General Ngozi Okonjo-Iweala attending. Digital transformation of economies and the importance of AI (artificial intelligence) were noted in the statement. "We recognise AI's potential to fundamentally reshape the landscape of international trade," it said. Members also noted the "cross-sectoral challenges" global supply chains are facing, stating support for "efforts to ensure that supply chain issues continue to be discussed within APEC to enhance the resilience of supply chains for sustainable economic growth across the APEC region." The event, themed "Building a Sustainable Tomorrow: Connect, Innovate, Prosper," brought together representatives from all 21 member economies. -- BERNAMA-ANADOLU
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.
RTHK
15-05-2025
- Business
- RTHK
China, US trade reps meet on sidelines of Apec session
China, US trade reps meet on sidelines of Apec session South Korea's Trade Minister Cheong In-kyo speaks during the opening ceremony of APEC Ministers Responsible for Trade Meeting. Photo: Reuters South Korean authorities on Thursday said Chinese and US officials have met on the sidelines of the annual Asia-Pacific Economic Cooperation (Apec) session of trade representatives. Korea's Industry and Trade Ministry said Chinese trade envoy Li Chenggang met US Trade Representative Jamieson Greer, in a sign of potential further progress to address trade frictions between the world's biggest economies. The two sides held high-stakes talks earlier this month in Geneva, in which they agreed to slash steep tariffs. It comes as Apec warned that exports from a region that accounts for around half of world trade will slow sharply this year, and barely grow at all, in the wake of US tariff announcements. The 21-member bloc projected exports in the region would rise only 0.4 percent this year, compared with 5.7 percent last year, in an analysis report released at its 2025 meeting of ministers responsible for trade in South Korea's resort island of Jeju. It also cut its regional economic growth forecast for this year to 2.6 percent from the previous 3.3 percent. "Trade growth is set to decline sharply across Apec due to lower external demand, particularly in manufacturing and consumer goods, while rising uncertainty over goods-related measures weighs on services trade," the bloc said in a statement. The trade ministers' meeting is being held as part of a second round of senior officials' meetings ahead of an Apec leaders' summit this year in Gyeongju, South Korea. (Reuters)
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.
