ASIA-PACIFIC Economic Cooperation (APEC) trade ministers concluded their summit on Friday by reaffirming their commitment to the multilateral trading system and the central role of the WTO, despite ongoing global economic uncertainty.
“We recognise the importance of the WTO to advance trade issues, and acknowledge the agreed-upon rules in the WTO as an integral part of the global trading system,” the ministers said in a joint statement, as cited by Bernama-Anadolu.
While affirming support for the WTO, the ministers also acknowledged the institution’s shortcomings.
“We recognise the WTO has challenges and needs meaningful, necessary, and comprehensive reform to improve all its functions, through innovative approaches, to be more relevant and responsive in light of today’s realities,” they added.
The APEC Ministers Responsible for Trade Meeting, held on Jeju Island, was attended by representatives from all 21 member economies, including WTO Director-General Dr Ngozi Okonjo-Iweala.
The joint statement also touched on the digital transformation of economies and the growing impact of artificial intelligence (AI) on global trade. “We recognise AI’s potential to fundamentally reshape the landscape of international trade,” the statement read.
Supply chain stability was another key topic, with ministers noting “cross-sectoral challenges” and voicing support for “efforts to ensure that supply chain issues continue to be discussed within APEC to enhance the resilience of supply chains for sustainable economic growth across the APEC region.”
This year’s meeting was held under the theme “Building a Sustainable Tomorrow: Connect, Innovate, Prosper.” - May 17, 2025
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