Trade representatives from 21 countries in the Asia-Pacific region are meeting in South Korea this week to discuss multilateral cooperation issues at a time when countries are seeking solutions to US President Donald Trump’s sweeping tariffs.
Representatives of Asia-Pacific Economic Cooperation (APEC) member economies will attend two days of closed-door sessions on South Korea’s tourist island of Cejudo (Jeju) on Thursday as part of the second high-level officials’ meeting ahead of the APEC leaders’ summit scheduled for the end of the year. The summit comes at a time when the trend of protectionism is gaining momentum amid high tariffs imposed by the Trump administration, targeting more than half of APEC member economies. APEC accounts for around 50% of global trade and 60% of world GDP. The meetings will address broad topics such as multilateral trade, stimulus and sustainability, including the role of the World Trade Organization (WTO) in the face of current global challenges and reform priorities. Officials are also expected to discuss advancing the Asia-Pacific free trade area, developing digital trade, enhancing capacity to prepare for artificial intelligence, and promoting sustainable and inclusive growth.
