Jeju: Trade ministers of the Asia-Pacific Economic Cooperation (APEC) convened on South Korea's resort island of Jeju to address challenges confronting global trade. The gathering saw chief negotiators from major economies seeking bilateral discussions with U.S. Trade Representative (USTR) Jamieson Greer.
According to Yonhap News Agency, the APEC Ministers Responsible for Trade (MRT) Meeting continues through Friday at the International Convention Center in Jeju. The event, themed "Building a Sustainable Tomorrow: Connect, Innovate, Prosper," is organized by Seoul's Ministry of Trade, Industry and Energy.
The meeting includes top trade officials from all 21 APEC members, alongside senior representatives from the World Trade Organization (WTO) and the Organization for Economic Cooperation and Development (OECD). As the event commenced, the venue was bustling with bilateral meetings, focusing on the trade negotiations of major APEC member countries with the U.S. amidst President Donald Trump's extensive tariff measures.
South Korean Trade Minister Cheong In-kyo engaged in discussions with USTR Greer on Thursday. The talks centered on unresolved trade issues and the status of Washington's negotiations with other nations, as noted by the Ministry of Trade, Industry and Energy. Cheong expressed the intent of the Seoul government to optimize Greer's visit, aiming for structured negotiations with the U.S.
The ongoing negotiations are hampered by an upcoming presidential election in June, despite South Korea being among the first countries to begin trade talks with the U.S. The Cheong-Greer meeting succeeded the USTR's discussions with China's top trade envoy, Li Chenggang, held earlier that day.
A subsequent meeting between USTR and South Korean Minister of Trade, Industry and Energy Ahn Duk-geun is scheduled for Friday. These interactions follow an agreement in Washington last month to develop a "package" deal on tariffs and economic cooperation by early July, ahead of the conclusion of the 90-day pause on reciprocal tariffs imposed by the Trump administration.
Seoul has proposed enhancing bilateral cooperation in the shipbuilding and energy sectors to reduce U.S. tariffs on Korean goods, as per government officials. In his opening remarks, Cheong emphasized the challenges faced by APEC economies and stressed APEC's critical role in the current global trade environment.
The APEC meeting's agenda focuses on AI innovation for trade facilitation, connectivity through a multilateral trading system, and prosperity through sustainable trade, as indicated by Seoul's industry ministry. Additionally, Cheong met with the Chinese trade envoy to discuss multilateral trade systems and global supply chain issues.
South Korea has conducted bilateral meetings with eight APEC member nations since Wednesday, planning additional discussions until Friday.