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International trade

APEC Ministers Convene on Jeju Island to Reaffirm Multilateralism Amid Trade Uncertainties

Strategic Insights

— 2 min read

Ministers responsible for trade from the 21 economies of the Asia-Pacific Economic Cooperation (APEC) are meeting on Jeju Island, South Korea, to discuss ways to foster cooperation and restore trust in the multilateral trading system. The 2025 APEC Ministers Responsible for Trade (MRT) Meeting is hosted by Korea, a founding member of APEC in 1989, and is being held on the UNESCO World Natural Heritage-listed island. The meeting's theme is "Building a Sustainable Tomorrow - Connect, Innovate, Prosper," and ministers will focus on topics such as artificial intelligence innovation for trade facilitation, the future of the World Trade Organization, and promoting prosperity through sustainable trade.

Key Takeaways:

  • The APEC Ministers Responsible for Trade (MRT) Meeting is being held on Jeju Island, South Korea, from the 2025 host economy's theme of "Building a Sustainable Tomorrow - Connect, Innovate, Prosper."
  • The meeting will explore topics including artificial intelligence innovation for trade facilitation, the future of the World Trade Organization, and promoting prosperity through sustainable trade.
  • Korea's Minister for Trade Inkyo Cheong welcomes his counterparts and reflects on the island's significance to APEC's history and to the global trade community.
  • APEC economies are facing overlapping challenges that are putting a strain on the global trade landscape, including uncertainties and challenges from cross-border trade and interconnected supply chains.
  • The meeting will center on restoring multilateralism and positioning APEC economies for the future, with discussions on the multilateral trading system, including the role and direction of the World Trade Organization.
  • WTO Director-General, Dr Ngozi Okonjo-Iweala, will introduce the topic for discussion on the multilateral trading system, and ministers will address prosperity through sustainable trade.

Minister Inkyo Cheong's Key Quotes:

  • "We must work together to restore multilateralism and build a more sustainable future for our economies."
  • "APEC's role is more crucial than ever in the face of growing uncertainties and challenges to the global trade landscape."
  • "Jeju Island has embodied the values of community in its way of life, and I hope today's MRT meeting will raise a solid foundation for dialogue and collaboration to overcome the challenges we face."

Statistics:

  • The APEC MRT Meeting is taking place on Jeju Island, South Korea.
  • APEC has 21 economies.
  • Korea is a founding member of APEC, established in 1989.
  • The APEC 2025 host economy's theme is "Building a Sustainable Tomorrow - Connect, Innovate, Prosper."

Sources:

  • "APEC Ministers Convene on Jeju Island to Reaffirm Multilateralism Amid Trade Uncertainties" (APEC press release)
  • Korea's Minister for Trade Inkyo Cheong's opening remarks at the 2025 APEC Ministers Responsible for Trade (MRT) Meeting.

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