Jeju Island: A trade ministers' meeting of the Asia-Pacific Economic Cooperation (APEC) member economies began on South Korea's southern resort island of Jeju. The meeting seeks to address the challenges facing global trade amidst a rise in protectionist policies.
According to Yonhap News Agency, the APEC Ministers Responsible for Trade (MRT) Meeting is being held at the International Convention Center in southern Jeju. The event runs through Friday, focusing on the theme "Building a Sustainable Tomorrow: Connect, Innovate, Prosper," as articulated by Seoul's Ministry of Trade, Industry and Energy.
Top trade officials from the 21 APEC members are participating in the two-day event, along with senior officials from the World Trade Organization (WTO) and the Organization for Economic Cooperation and Development (OECD). The meeting's agenda includes discussions on artificial intelligence (AI) innovation for trade facilitation, connectivity through the multilateral trading system, and prosperity through sustainable trade.
This year's meeting garners considerable attention, as significant APEC member nations are currently engaged in trade negotiations with Washington. These talks follow U.S. President Donald Trump's implementation of extensive tariff policies earlier this year.
South Korean Trade Minister Cheong In-kyo, in his opening speech, underscored the uncertainties in trade and supply chains. "Today, the global environment surrounding APEC economies faces an array of challenges," he stated, noting that international organizations like the WTO and International Monetary Fund (IMF) have lowered their projections for global trade and economic growth.
Minister Cheong emphasized the heightened importance of APEC's role in the current global trade environment, with the world closely monitoring this year's MRT meeting.
South Korean Minister of Trade, Industry and Energy Ahn Duk-geun is set to meet with U.S. Trade Representative (USTR) Jamieson Greer on Friday, on the sidelines of the MRT meeting. The discussions are expected to address follow-up measures from high-level trade consultations held in Washington last month. These consultations aimed to forge a "package" deal on U.S. tariffs and economic cooperation by early July.
The Trump administration had imposed country-specific reciprocal tariffs, including 25 percent duties on South Korea, effective from April 9. These were put on a 90-day pause shortly after to facilitate negotiations. As part of efforts to reduce U.S. tariffs on Korean goods, Seoul has proposed expanding bilateral cooperation in the shipbuilding and energy sectors, according to government officials.
Observers are also watching for a possible meeting between Greer and China's new trade representative, Li Chenggang, during the Jeju event. Earlier this week, the U.S. and China announced they had reached a temporary agreement in Geneva to reduce tariffs for 90 days, allowing further negotiations. Under this agreement, U.S. tariffs on Chinese goods were reduced to 30 percent from 145 percent, while Chinese tariffs on U.S. goods were reduced to 10 percent from 125 percent.
Meanwhile, South Korea plans to hold bilateral meetings with trade chiefs from approximately 15 APEC economies throughout the event, as stated by the ministry.