Jeju: Trade ministers from the Asia-Pacific Economic Cooperation (APEC) have emphasized the critical role of the World Trade Organization (WTO) in addressing global trade challenges. This comes amid rising uncertainties fueled by increasing protectionism, as noted by Seoul's trade minister.
According to Yonhap News Agency, South Korean Trade Minister Cheong In-kyo announced that the ministers reached this consensus in a joint statement. The statement was adopted following their annual two-day multilateral meeting held on South Korea's southern island of Jeju, which concluded on Friday.
The joint statement articulated, "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." It further expressed concerns about the fundamental challenges currently faced by the global trading system.