APEC Trade Ministers Meet on Jeju Island Amid Global Trade Uncertainties

Top trade officials from 21 APEC member economies, including South Korea, Japan, and China, gathered on Jeju Island to discuss trade challenges and bilateral talks with the US Trade Representative Jamieson Greer. The two-day event aims to build a sustainable tomorrow through innovation, connection, and prosperity. Trade ministers from major economies are engaged in bilateral talks, including South Korean Trade Minister Cheong In-kyo and US Trade Representative Jamieson Greer, to address pending trade issues and progress on Washington's trade negotiations with other countries.

Key Takeaways:

• The APEC Ministers Responsible for Trade (MRT) Meeting is held on Jeju Island, South Korea, from May 15 to 16, 2025, under the theme "Building a Sustainable Tomorrow: Connect, Innovate, Prosper."
• Top trade officials from 21 APEC member economies, as well as senior officials from the World Trade Organization (WTO) and the Organization for Economic Cooperation and Development (OECD), participate in the event.
• South Korean Trade Minister Cheong In-kyo held bilateral talks with US Trade Representative Jamieson Greer on the sidelines of the MRT meeting, covering pending trade issues and the progress of Washington's trade negotiations with other countries.
• South Korea and the US agreed to craft a "package" deal on tariff and economic cooperation issues by early July 2025.
• Seoul proposed expanding bilateral cooperation in the shipbuilding and energy sectors to lower US tariffs on Korean goods.
• The APEC meeting will focus on three agenda items: artificial intelligence (AI) innovation for trade facilitation, connectivity through multilateral trading system, and prosperity through sustainable trade.
• Cheong In-kyo met with Chinese trade envoy Li Chenggang to discuss multilateral trade system and global supply chain issues.

Statistics:

• Bilateral meetings were held with eight APEC member nations, including China, Vietnam, Mexico, and the Philippines, as well as WTO Director-General Ngozi Okonjo-Iweala, from Wednesday to discuss various trade issues.
• Six additional bilateral meetings are planned with APEC economies until Friday.
• The 90-day pause on the Trump administration's country-specific reciprocal tariffs, including 25 percent duties on South Korea, will end in early July 2025.
• International organizations, such as the WTO and the International Monetary Fund (IMF), have downgraded their projections for global trade and economic growth.

Sources:

• Yonhap News Agency, May 15, 2025
• Seoul's Ministry of Trade, Industry and Energy