Participants in a trade ministers’ meeting of the Asia-Pacific Economic Cooperation member economies pose for a photo during an opening ceremony on the southern resort island of Jeju on May 15, 2025. (Image courtesy of South Korea’s trade ministry )
JEJU, South Korea, May 16 (Korea Bizwire) — Trade ministers of the Asia-Pacific Economic Cooperation (APEC) on Friday reaffirmed the importance of the World Trade Organization (WTO) in addressing global trade issues amid escalating uncertainties sparked by growing protectionism.
The trade chiefs of the Asia-Pacific region reached such a consensus in a joint statement unanimously adopted after their annual two-day multilateral meeting held on South Korea’s southern island of Jeju from Thursday.
“We recognize 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,” the joint statement adopted by the APEC trade ministers read.
“We are concerned with the fundamental challenges faced by the global trading system,” it added, amid growing concerns over global trade uncertainties sparked by U.S. tariffs.
WTO reform was a key agenda item of the meeting in light of concerns over the organization’s role in facilitating free trade, amid the rise of protectionism across the world, as seen prominent in U.S. trade policies under President Donald Trump.
WTO Director-General Ngozi Okonjo-Iweala, who attended the APEC meeting, projected a reverse growth of the global trade market this year and reaffirmed the organization’s commitment to reestablishing itself as a relevant institution for fostering a stable and predictable trading environment, according to South Korean Trade Minister Cheong In-kyo.
According to Cheong, the joint statement also acknowledged South Korea’s proposal for an artificial intelligence (AI) for trade initiative, aimed at promoting the use of the cutting-edge technology and voluntary information exchange of trade-related AI standards and technologies.
AI technology can enhance customs procedures to increase efficiency of trading firms and help businesses identify opportunities and risks, Cheong explained.
South Korea plans to host a joint dialogue on the AI for trade initiative between the public and private sectors in Incheon, just west of Seoul, in August to lead follow-up discussions on the initiative, according to Seoul’s trade ministry.
The APEC trade ministers also agreed to continue discussions on global supply chain issues facing “cross-sectoral challenges” and strengthen cooperation on the matter.
When asked whether there were conflicts between the United States and China in producing a joint statement, Cheong said the process faced a “big challenge” due to “sharp differences in views on the global trade environment” between APEC member countries, without specifying the countries.
Previously, speculation had swirled that the trade ministers could fail to issue a joint statement due to tensions between the U.S. and China on terms such as “trade protectionism.”
“Issues where the parties had significant differences from the beginning remained points of contention throughout. At the core, the disagreement was rooted in differing perspectives on the current global trade system,” Cheong explained.
(Yonhap)
