APEC Ministers Responsible for Trade Meeting Opens in Jeju
"APEC's Raison d'etre Becomes Clearer"
On May 15, Trade Minister Jeong In-kyo of the Ministry of Trade, Industry and Energy emphasized, "At a time when uncertainty in the trade environment is increasing, the role of APEC is more crucial than ever."
In his opening remarks at the APEC Ministers Responsible for Trade Meeting held at the Jeju International Convention Center (ICC) that day, Minister Jeong stated, "Today, as the multilateral trading system is being put to the test, the raison d'etre and role of APEC have become even clearer."
South Korea has participated as a founding member since the launch of APEC in 1989, and has previously hosted the Ministers Responsible for Trade Meeting in Seoul in 1991 and in Jeju in 2005. Minister Jeong said, "It is an honor to host the Ministers Responsible for Trade Meeting in Jeju again after 20 years," but added, "I feel a heavy sense of responsibility amid the deteriorating global trade environment."
Minister Jeong introduced APEC’s growth over the past 30 years into the world’s largest economic cooperation forum. Currently, APEC accounts for about 37% of the world’s population, 61% of global GDP, and 49% of global merchandise trade. He noted, "APEC has served as a policy incubator, generating innovative ideas through voluntary and flexible discussions," and cited the 'APEC Business Travel Card' system as a representative achievement that has strengthened people-to-people connectivity.
He also evaluated that "APEC has achieved both quantitative and qualitative results, such as lowering the average tariff rate from 17% in 1989 to 5.3% in 2021, and expanding intra-regional merchandise trade by more than nine times."
Since the previous day, Minister Jeong has held a series of bilateral meetings with trade officials from various countries. On May 14, he met with Maria Cristina Aldeguer-Roque, Secretary of Trade and Industry of the Philippines. The two sides shared achievements of cooperation within APEC and exchanged views on ways to vitalize trade and investment between Korea and the Philippines.
On the same day, he also met with Luis Rosendo Gutierrez Romano, Undersecretary for Foreign Trade of the Ministry of Economy of Mexico. Both sides discussed ways to strengthen economic cooperation between Korea and Mexico and agreed to work closely together to achieve tangible results in the future.
On the morning of May 15, Minister Jeong held talks with Li Chenggang, China’s Vice Minister of Commerce and Representative for International Trade Negotiations. During the meeting, the two sides reviewed the progress of the Korea-China FTA negotiations on services and investment, and discussed ways to strengthen trade and economic cooperation. He then met with Datuk Seri Utama Tengku Zafrul Aziz, Minister of Investment, Trade and Industry of Malaysia.
Minister Jeong expressed his hope that "like the spirit of community in Jeju, this meeting will serve as a platform for communication and cooperation to resolve conflicts and uncertainties in the global economy," and added, "I hope these discussions will lead to valuable outcomes at the 2025 APEC Summit."
Meanwhile, this year’s APEC Ministers Responsible for Trade Meeting will feature three sessions over two days. The first session, 'AI Innovation for Trade Facilitation,' will discuss ways to enhance customs clearance efficiency using AI technologies.
The second session, 'Connecting through the Multilateral Trading System,' will feature the Director-General of the WTO presenting on the recent direction and role of the WTO. The third session, 'Prosperity through Sustainable Trade,' will address sustainable trade cooperation for supply chain restoration and climate change response in the post-pandemic era.
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