Seoul: Trade ministers from the Asia-Pacific Economic Cooperation (APEC) reaffirmed the critical role of the World Trade Organization (WTO) in addressing global trade issues in the face of rising protectionism, as highlighted by South Korea's trade minister.
According to Yonhap News Agency, South Korean Trade Minister Cheong In-kyo announced that the ministers reached a consensus during their annual two-day multilateral meeting, which concluded on Friday on Jeju Island. The meeting culminated in a joint statement underscoring the importance of the WTO in advancing trade issues and recognizing its agreed-upon rules as fundamental to the global trading system.
The statement also expressed concerns regarding the fundamental challenges currently faced by the global trading system, emphasizing the necessity for concerted efforts to address these issues effectively.