Jeju: Trade ministers from the Asia-Pacific Economic Cooperation (APEC) gathered on South Korea's Jeju Island to address the prevailing challenges in global trade. The meeting, which commenced on Thursday, saw chief negotiators from major economies engaging in bilateral discussions with U.S. Trade Representative Jamieson Greer.
According to Yonhap News Agency, the APEC Ministers Responsible for Trade (MRT) Meeting is scheduled to continue through Friday at the International Convention Center in Jeju. The theme for this year's meeting is "Building a Sustainable Tomorrow: Connect, Innovate, Prosper," as stated by Seoul's Ministry of Trade, Industry and Energy. The event sees participation from top trade officials of all 21 APEC members, alongside senior representatives from the World Trade Organization (WTO) and the Organization for Economic Cooperation and Development (OECD).
The meeting venue was bustling with bilateral discussions as several APEC member countries, including South Korea, Japan, and China, engaged in trade negotiations with Washington, especially concerning U.S. President Donald Trump's tariff measures. South Korean Trade Minister Cheong In-kyo was scheduled for talks with the USTR on the sidelines of the MRT meeting.
Earlier in the day, Greer met with China's top trade envoy, Li Chenggang, and plans are in place for another one-on-one discussion between the USTR and South Korean Minister of Trade, Industry and Energy Ahn Duk-geun on Friday. These meetings follow an agreement reached in Washington last month between the U.S. and South Korea to devise a "package" deal on tariff and economic cooperation by early July, coinciding with the end of the 90-day pause on Trump's reciprocal tariffs, including 25 percent duties on South Korea.
South Korea has suggested expanding bilateral cooperation in sectors such as shipbuilding and energy to reduce U.S. tariffs on Korean goods, as per government officials. In his opening remarks, Cheong emphasized the challenges facing APEC economies, citing downgraded projections for global trade and economic growth by the WTO and International Monetary Fund (IMF).
The meeting's agenda includes discussions on artificial intelligence (AI) innovation for trade facilitation, connectivity through multilateral trading systems, and prosperity through sustainable trade, as outlined by Seoul's industry ministry. Cheong also had discussions with China's trade envoy earlier, focusing on multilateral trade systems and global supply chain issues, and the need for joint efforts to expand the bilateral free trade agreement to cover the service and investment sectors.
The Seoul trade minister clarified to reporters that economic security issues were not discussed during these talks. South Korea began bilateral meetings with eight APEC member nations, including China, Vietnam, Mexico, and the Philippines, along with WTO Director-General Ngozi Okonjo-Iweala, from Wednesday to address various trade issues. The country plans to continue these bilateral discussions with six other APEC economies until Friday.