Jeju: Trade ministers from the Asia-Pacific Economic Cooperation (APEC) have collectively underscored the significance of the World Trade Organization (WTO) in tackling global trade issues, amidst rising uncertainties fueled by increasing protectionism. This reaffirmation was made in a joint statement following their annual two-day meeting on South Korea's Jeju Island.

According to Yonhap News Agency, the APEC trade ministers unanimously adopted the statement, emphasizing the WTO's critical role in advancing trade issues and recognizing its established rules as crucial to the global trading system. The statement highlighted concerns over fundamental challenges facing the global trading system, exacerbated by global trade uncertainties and U.S. tariffs.

WTO reform emerged as a central topic during the meeting, driven by apprehensions regarding the organization's capacity to promote free trade amidst the worldwide surge in protectionist policies, notably in the United States under former President Donald Trump. WTO Director-General Ngozi Okonjo-Iweala, present at the APEC meeting, predicted a contraction in the global trade market this year and reiterated the WTO's commitment to reestablishing itself as a vital entity for ensuring a stable and predictable trading environment, as noted by South Korean Trade Minister Cheong In-kyo.

Cheong also mentioned that the joint statement included an acknowledgment of South Korea's proposal for an artificial intelligence (AI) for trade initiative. This initiative aims to encourage the use of AI technology in trade processes and promote the voluntary exchange of trade-related AI standards and technologies. AI technologies have the potential to streamline customs procedures, enhance the efficiency of trading firms, and assist businesses in identifying opportunities and risks.

South Korea intends to spearhead further discussions on the AI for trade initiative by hosting a dialogue between public and private sectors in Incheon in August, according to Seoul's trade ministry. Additionally, the APEC trade ministers agreed to continue exploring solutions for global supply chain issues and to strengthen cooperation in addressing "cross-sectoral challenges."