Hosted by Korea on the UNESCO World Natural Heritage-listed Jeju Island, the meeting opened with a powerful call for cooperation and renewal of trust in the multilateral trading system, as noted in a release issued by the APEC Ministers Responsible for Trade Meeting and received here on Friday.
Chairing the meeting, South Korea’s Minister for Trade Inkyo Cheong welcomed his counterparts and reflected on the island’s significance to APEC’s history and the global trade community.
"I would like to extend my sincere gratitude to everyone who has made the journey all the way to Jeju Island for this year's APEC MRT meeting. As one of the founding members of APEC in 1989, Korea began by hosting a multilateral meeting in 1991 in Seoul and hosted the MRT meeting on this very island in 2005," Minister Cheong stated.
"Two decades since then, I am honored to serve as the Chair of this gathering. However, I also feel a sense of weight on my shoulders," he remarked.
Minister Cheong acknowledged that APEC economies face overlapping challenges affecting the global trade landscape.
"As cross-border trade and interconnected supply chains continue to expand, growing uncertainties are placing a strain on the global economy and trade landscape," he pointed out.
"Given this challenging global trade environment, the role of APEC is more crucial than ever. This is the reason why the world is paying keen attention to this year’s MRT meeting," he remarked.
Cheong emphasized that discussions in Jeju would focus on restoring multilateralism and positioning APEC economies for the future under the 2025 host economy’s theme of "Building a Sustainable Tomorrow – Connect, Innovate, Prosper."
At the meeting, APEC trade ministers explored topics such as artificial intelligence innovation for trade facilitation, the future of the World Trade Organization (WTO) and the multilateral trading system, and ways to promote prosperity through sustainable trade.
"In the midst of the rapid transition toward the digital economy, AI is being adopted across a wide range of sectors," Cheong noted while highlighting the first session on artificial intelligence.
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He also introduced the second session on connectivity through the multilateral trading system.
"Discussions on the multilateral trading system, including the WTO, have long been a focus of the MRT meeting," he highlighted.
To conclude the agenda, ministers discussed prosperity through sustainable trade.
"Given the many challenges facing the multilateral trading system, the very existence and the role of APEC have become increasingly evident. Indeed, I believe the outcomes of our discussions will resonate over the world," Cheong stated.
He closed on an optimistic note, referencing Jeju’s spirit of resilience and collaboration.
"Jeju Island has long embodied community values in its way of life. Under this spirit, I hope today’s MRT meeting will raise a solid foundation for dialogue and collaboration to overcome the political and economic challenges as well as uncertainties that we encounter," he stated.
"Building on the progress of today’s meeting, I look forward to producing meaningful outcomes at the APEC Economic Leaders’ Week," Minister Cheong concluded.
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Reporter: Yuni Arisandy Sinaga
Editor: Rahmad Nasution
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