‘Concerned’ over challenges to global trade: APEC

The Asia-Pacific Economic Cooperation (APEC) group said yesterday that it was "concerned" over the challenges to global trade, as ministers from APEC countries met in South Korea in the shadow of growing woes from US tariffs.

Trade ministers from the top economies that make up APEC are meeting on South Korea's Jeju Island amid concerns for the global trading system since US President Donald Trump unveiled bombshell levies on most partners.

The United States is a key APEC member and was represented by Trade Representative Jamieson Greer, who held a series of bilateral meetings with nations eager to soften the blow of Washington's tariffs. "We are concerned with the fundamental challenges faced by the global trading system," trade ministers from the 21-member group, which includes China, said in a joint statement.

They urged greater cooperation, saying they "remain committed" to APEC as a means of "bringing us together to address the economic challenges facing our region".

South Korea's Minister for Trade, Cheong In-Kyo, said the joint statement was hard-won, with "significant differences" in positions clear early on in the talks.