APEC Trade Ministers Meet on Jeju to Discuss Global Trade Challenges
Top trade officials from 21 APEC member economies gathered on South Korea's Jeju Island to address challenges facing global trade, amid growing trade protectionism. The two-day meeting, themed "Building a Sustainable Tomorrow: Connect, Innovate, Prosper," includes bilateral talks between major APEC members, including South Korea, Japan, and China, who are currently negotiating with the US over President Trump's tariff measures.
Key Takeaways:
- The APEC Ministers Responsible for Trade (MRT) Meeting is being held through Friday at the International Convention Center in southern Jeju, with top trade officials from all 21 APEC members in attendance.
- Trade Minister Cheong In-kyo of South Korea is set to hold talks with US Trade Representative Jamieson Greer on the sidelines of the meeting, following Greer's bilateral talks with China's top trade envoy, Li Chenggang.
- The US and South Korea agreed to craft a "package" deal on tariff and economic cooperation issues by early July, when the 90-day pause on US tariffs on South Korean goods will end.
- Seoul has proposed expanding bilateral cooperation in the shipbuilding and energy sectors to lower US tariffs on Korean goods.
- AI innovation for trade facilitation, connectivity through multilateral trading systems, and prosperity through sustainable trade are the main agenda items for the APEC meeting.
Statistics:
- 21 APEC member economies are taking part in the two-day meeting.
- 90-day pause on US tariffs on South Korean goods will end in early July.
- 10 bilateral meetings have been scheduled between top trade officials from APEC member countries.
- US Trade Representative Jamieson Greer has met with top trade envoys from China and South Korea.
Sources:
- Yonhap News Agency
- Seoul's Ministry of Trade, Industry and Energy