The 31st Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting concluded on Jeju Island, South Korea, bringing together leaders from 21 member economies to address pressing global economic challenges.
During the two-day event held from May 15 to 16, trade ministers discussed strategies to foster cooperation amid growing uncertainties. China’s Vice Minister of Commerce Li Chenggang and U.S. Trade Representative Jamieson Greer met on the sidelines, signaling a commitment to dialogue between two of the world’s largest economies.
Li Chenggang emphasized China’s position on supporting the multilateral trading system and promoting regional connectivity. He highlighted the importance of innovation, particularly in artificial intelligence, to drive sustainable trade and shared prosperity.
South Korean Trade Minister Cheong In-kyo, opening the annual meeting, called attention to the added strain on the global economy. “Uncertainties are escalating, and it is imperative for APEC members to engage in open dialogue to tackle these political and economic challenges,” he stated.
Ahead of the meeting, the APEC Policy Support Unit released a report forecasting moderate economic growth for the region. Growth is expected to slow to 2.6% in 2025 and 2.7% in 2026, a decline from the robust 3.6% projected for 2024. The downward revision is attributed to rising policy uncertainties, escalating trade tensions, and shifts in global supply chains.
Trade projections are equally cautious. Exports and imports in the APEC region are expected to grow by just 0.4% and 0.1% in 2025, a sharp decrease from 5.7% and 4.3% in 2024. The report points to weakening external demand and an increase in protectionist measures, which are exacerbating trade vulnerabilities.
“Fragmented and reactionary trade policies are becoming the norm,” warned Glacer Vasquez, co-author of the report. “While some economies pursue trade-facilitating reforms, these are often offset by inward-looking protectionist measures. This divergence is hampering regional cohesion.”
Carlos Kuriyama, director of the APEC Policy Support Unit, urged members to strengthen collaboration. “This is not the time to retreat behind borders. This is the time to double down on cooperation,” he said. “Through collective action, APEC economies can navigate uncertainty and lay the groundwork for a more resilient, prosperous future.”
Founded in 1989, APEC has become a pivotal forum for facilitating economic growth, cooperation, trade, and investment in the Asia-Pacific region. Its member economies account for half of global trade and 60% of the world’s gross domestic product.
As young people in the Global South look toward the future, the outcomes of gatherings like the APEC Trade Ministers Meeting highlight the importance of unity and collaboration in overcoming global economic challenges.
