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BUSINESS • 16/05/2025 09:54 AM

APEC's Role More Crucial Amid Global Trade Uncertainty - Korea's Trade Minister 

KUALA LUMPUR, May 16 (Bernama) -- The Asia-Pacific Economic Cooperation (APEC) region continues to play a vital role in shaping the global economy and trade landscape, said South Korea’s Minister for Trade, Inkyo Cheong.

At the same time, he acknowledged that APEC economies are grappling with overlapping challenges that are affecting the global trade landscape.

"As cross-border trade and interconnected supply chains continue to expand, growing uncertainties are placing a strain on the global economy and trade landscape. 

"Given this challenging global trade environment, APEC’s role has become more crucial than ever. This is the reason why the world is paying close attention to this year’s Ministers Responsible for Trade (MRT) meeting," he said in a statement on the 2025 APEC MRT Meeting in Jeju Island, South Korea.

Given the many challenges facing the multilateral trading system, Cheong believes that the outcomes of discussions during the meeting will resonate around the world.

The meeting, which brings together trade ministers from APEC's 21 member economies, began with a strong call for cooperation and renewal of trust in the multilateral trading system.

Cheong emphasised that the discussions in Jeju would centre on restoring multilateralism and positioning APEC economies for the future under this year’s theme of "Building a Sustainable Tomorrow - Connect, Innovate, Prosper". 

Key topics include artificial intelligence innovation for trade facilitation, the future of the World Trade Organisation (WTO) and the multilateral trading system, as well as ways to promote prosperity through sustainable trade.

"Discussions on the multilateral trading system, including the WTO, have long been a focus of the MRT meeting, and WTO director-general Dr Ngozi Okonjo-Iweala will introduce the topic for discussion.

“Given the varying opinions on the role and the direction of the WTO, I look forward to hearing insights and diverse views," he said. 

-- BERNAMA 

 

 

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