Indonesia backs WTO efforts to ease trade tensions

Ahn Duk-geunindustry Minister

The full-fledged technical consultations have effectively begun in earnest on the occasion of this APEC meeting,

Ahn said during a press conference following the meeting

We believe that a reform at the WTO will help the organization strengthen its relevance and effectiveness in dealing with current and future global challenges,

he remarked

At the meeting, I reaffirmed Indonesia's support for the WTO as a rule-based multilateral trade regime to maintain its credibility and strengthen its role in resolving trade issues, easing trade tensions, and averting acts that could harm the multilateral trade system,

he noted in a statement here on Friday

We believe a retaliatory approach will only worsen global economic uncertainty and instability. Indonesia will continue to prioritize diplomacy and constructive engagements to reach mutually beneficial solutions,

the minister affirmed

These initiatives are essential for ensuring a fair and reliable trading system,

he remarked at the meeting, ... according to an official statement cited here on Friday

We believe inclusive, fair, and transparent cooperation is key to strengthening the multilateral trading system. Indonesia stands ready to foster constructive collaboration with all member states to achieve substantial and balanced progress at the upcoming 14th MC,

he stated

Discussions on the multilateral trading system, including the WTO, have long been a focus of the MRT meeting,

he highlighted

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 remarked

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 pointed out

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. 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 on this very island in 2005,

Minister Cheong stated

Building on the progress of today’s meeting, I look forward to producing meaningful outcomes at the APEC Economic Leaders’ Week,

Minister Cheong concluded

Given the many challenges facing the multilateral trading system, the very existence and the role of APEC have become increasingly evident. Indeed, I believe the outcomes of our discussions will resonate over the world,

Cheong stated

In the midst of the rapid transition toward the digital economy, AI is being adopted across a wide range of sectors,

Cheong noted while highlighting the first session on artificial intelligence

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

he remarked

Jeju Island has long embodied community values 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,

he stated

Washington is prepared to move forward in the interim talks, given the range of interests that could be addressed in a potential negotiated agreement,

said Jay Truesdale, a former U.S. diplomat and CEO of TD International, a risk intelligence firm

The braking mechanism might be more on the South Korean side, given pre-election jockeying and the need for consultation between Korean business and political stakeholders,

Truesdale said, noting Trump's desire for quick wins reflected in recent trade talks with Britain and China

We will do our best to meet the timeline but we expect that it may be adjusted a little in case it is unavoidable,

he told reporters

We are concerned with the fundamental challenges faced by the global trading system,

trade ministers from the 21-member group said in a joint statement

As a follow-up, AI Trade Public-Private Dialogue will be held in Incheon this August to develop specific plans for implementing the three initiatives,

Cheong said during a press conference announcing the joint statement