Ministers meet to tackle global uncertainty and rebuild multilateral trade system

Amid rising global trade and economic uncertainty, ministers responsible for trade from APEC’s 21 economies convene today for the 2025 APEC Ministers Responsible for Trade (MRT) Meeting.

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.

Chairing the meeting, Korea’s Minister for Trade Inkyo Cheong welcomed his counterparts and reflected on the island’s significance to APEC’s history and to 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,” Minister Cheong said. “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 in this very island in 2005.”

“Two decades since then, I am honored to serve as the Chair of this gathering,” Minister Cheong added. “However, I also feel a sense of weight on my shoulders.”

Minister Cheong acknowledged that APEC economies are facing overlapping challenges that are putting challenges on 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 said. “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 emphasized that the discussions in Jeju would center 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”. Ministers will explore topics including artificial intelligence innovation for trade facilitation, the future of the World Trade Organization and the multilateral trading system, as well as ways to promote prosperity through sustainable trade.

Highlighting the first session on artificial intelligence, he noted, “For the midst of the rapid transition toward the digital economy, AI is being adopted across a wide range of sectors.”

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 said. “WTO Director-General, Dr Ngozi Okonjo-Iweala, will open this session by introducing the topic for discussion. Given the varying opinions on the role and the direction of the WTO, I look forward to hearing insight and perse views.”

Closing the agenda, ministers will address prosperity through sustainable trade. “Given the many challenges facing the multilateral trading system, the very existence and the role of APEC has become increasingly evident. Indeed, I believe the outcomes of our discussions will resonate over the world,” said Cheong.

He ended on a hopeful note, invoking Jeju’s spirit of resilience and collaboration. “Jeju Island has long embodied the values of community 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.”

“Building on the progress of today’s meeting, I look forward to producing meaningful outcomes at the APEC Economic Leaders’ Week,” Minister Cheong concluded.