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International trade

APEC Trade Ministers Meet on Jeju to Address Global Trade Challenges

Strategic Insights

— 2 min read

The Asia-Pacific Economic Cooperation (APEC) trade ministers' meeting has begun on South Korea's southern resort island of Jeju to address the challenges the global trade is facing amid the rise of protectionist policies. The meeting, held under the theme "Building a Sustainable Tomorrow: Connect, Innovate, Prosper," will discuss three agenda items: artificial intelligence (AI) innovation for trade facilitation, connectivity through the multilateral trading system, and prosperity through sustainable trade. With major APEC member nations currently undergoing trade negotiations with Washington, the meeting draws keen attention as the global environment surrounding APEC economies faces uncertainties in trade and supply chains.

Key Takeaways:

  • The APEC Ministers Responsible for Trade (MRT) Meeting will be held on Jeju Island from May 15-16, 2025, under the theme "Building a Sustainable Tomorrow: Connect, Innovate, Prosper."
  • Top trade officials from the 21 APEC member economies, as well as senior officials from the World Trade Organization (WTO) and the Organization for Economic Cooperation and Development (OECD), are participating in the event.
  • The meeting will mainly discuss artificial intelligence (AI) innovation for trade facilitation, connectivity through the multilateral trading system, and prosperity through sustainable trade.
  • South Korean Trade Minister Cheong In-kyo highlighted the uncertainties in trade and supply chains, citing downgraded projections for global trade and economic growth by international organizations such as the WTO and International Monetary Fund (IMF).
  • South Korean Minister of Trade, Industry and Energy Ahn Duk-geun plans to hold talks with U.S. Trade Representative (USTR) Jamieson Greer on the sidelines of the MRT meeting to discuss follow-up measures to the high-level trade consultations held in Washington last month.
  • The Trump administration imposed country-specific reciprocal tariffs, including 25% duties on South Korea, effective from April 9, 2024, only to place a 90-day pause on them shortly afterward to allow for negotiations.
  • Seoul has proposed expanding bilateral cooperation in the shipbuilding and energy sectors as part of efforts to lower U.S. tariffs on Korean goods.
  • Observers are also watching for a possible meeting between USTR Greer and China's new trade representative, Li Chenggang, during the Jeju event.

Statistics:

  • The APEC MRT meeting has brought together top trade officials from the 21 APEC member economies.
  • South Korea has proposed expanding bilateral cooperation in the shipbuilding and energy sectors to lower U.S. tariffs on Korean goods.
  • The U.S. slashed its tariffs on Chinese goods to 30% from 145%, while Chinese tariffs on U.S. goods have been brought down to 10% from 125%, under the agreement reached in Geneva.
  • The Trump administration imposed country-specific reciprocal tariffs, including 25% duties on South Korea, effective from April 9, 2024.
  • The meeting will be held on Jeju Island from May 15-16, 2025.

Sources:

  • Yonhap News Agency, "APEC trade ministers' meeting begins on Jeju to address global trade challenges"
  • Seoul's Ministry of Trade, Industry and Energy
  • World Trade Organization (WTO)
  • Organization for Economic Cooperation and Development (OECD)
  • International Monetary Fund (IMF)

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