The Asia-Pacific Economic Cooperation (APEC) member countries, comprising 21 nations, have agreed to cooperate in response to the uncertain global trade environment. They expressed support for the restoration of the multilateral trade system centered around the World Trade Organization (WTO) and decided to continue discussions among APEC members on reforming the WTO.
At the APEC Trade Ministers' Meeting held in Jeju, which concluded on the 16th, the trade ministers adopted a 'joint statement' reflecting this agreement.
APEC members shared concerns regarding the global trade environment facing fundamental challenges and agreed on the importance of the WTO, which has provided the legal foundation for the global trade system to advance trade issues.
They also appreciated efforts to deepen discussions on modern trade issues within the WTO and reaffirmed APEC's commitment to creating a transparent, predictable, and corporation-friendly investment environment. Accordingly, they decided to continue relevant discussions until the 14th WTO Ministerial Conference (MC-14) scheduled for March next year.
Ngozi Okonjo-Iweala, the Director-General of the WTO, noted, 'The WTO will once again become a relevant organization in creating a stable and predictable trade environment,' and called for political support from APEC trade ministers to achieve comprehensive and meaningful reforms in the WTO.
The host country, South Korea, proposed the 'AI for Trade Initiative' at this meeting and secured interest and support from the members. The AI for Trade Initiative includes three main tasks: ▲ Expanding the introduction of AI in tariff and customs administration ▲ Enhancing the private sector's understanding of different AI policies among members ▲ Voluntary information exchange regarding AI standards and technologies. A public-private dialogue on AI for trade will be held in Incheon in August to specify implementation plans for these three tasks.
They also discussed regional cooperation measures to build sustainable supply chains in response to supply chain restructuring and the climate crisis. The member countries agreed to expand the introduction of the APEC Virtual Business Travel Card to promote business exchanges.
Jeong In-gyo, head of the Trade Negotiation Headquarters of the Ministry of Trade, Industry and Energy, said, 'Given the sharp differences in positions regarding the current global trade environment, reaching an agreement at this ministerial meeting was a significant challenge for me as the chair, as well as for the trade ministers of the 20 member countries and the more than 100 members of the joint declaration negotiating team.' He added, 'The fact that we held intense discussions and concerns and reached a monumental agreement in APEC history is the 'Miracle of Jeju.' He further stated, 'Based on the achievements made at this meeting, I will do my best to ensure that we can create substantial results at the upcoming foreign affairs and trade ministers' meeting and summit scheduled for the second half of this year.'