APEC Does Not Discuss对策for US Tariffs, Agrees on WTO Reform
This APEC meeting did not discuss how to collectively address the US tariff issue affecting many member countries. However, the joint statement issued after the meeting emphasized the importance of the WTO and pointed out that it is necessary for the WTO to undergo reform to make it more relevant to today's circumstances.
The trade ministers' meeting of the Asia-Pacific Economic Cooperation (APEC) concluded on May 16 in Jeju, South Korea. The ministers from various countries released a joint statement on Friday, which listed the "fundamental challenges" facing the global trading system but did not discuss strategies to collectively deal with the US tariff issue that cast a shadow over the meeting.
The joint statement mentioned: "We are concerned about the fundamental challenges facing the global trading system." It also stated that they would continue to strive to make APEC the main forum for regional economic cooperation and to address the economic challenges facing the Asia-Pacific region.
Acknowledging the Importance and Shortcomings of the WTO
The statement simultaneously supported the continued role of the World Trade Organization (WTO) while pointing out its shortcomings. "We recognize the importance of the WTO in promoting trade issues and acknowledge that the rules agreed upon by the WTO are an integral part of the global trading system," the statement said. "The WTO faces challenges and requires meaningful, necessary, and comprehensive reforms to improve all its functions through innovative approaches, making it more relevant to today's circumstances, more targeted, and better able to respond."
This is the first major multilateral trade meeting since US President Trump announced a minimum import tariff of over 10% on most products. APEC warned on Thursday that after the US imposed tariffs, exports in this region would significantly slow down this year. The Asia-Pacific trade volume accounts for about half of the world's trade volume.
In addition to focusing on multilateral cooperation in economic and trade aspects, the controversial WTO reform also became a focal point of the meeting. Trump has recently taken action to suspend US funding for the organization.
Kang In-jo, Minister of Trade Negotiations of South Korea, stated, "In this challenging global trade environment, the role of APEC is more important than ever before, so today's meeting is significant."
Source: DW
Original article: https://www.toutiao.com/article/1832282298805444/
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