Asia-Pacific trade ministers state importance of WTO amid global trade uncertainties at South Korea meeting

​​​​​​​By Saadet Gokce

ISTANBUL (AA) - Asia-Pacific Economic Cooperation (APEC) trade ministers stated Friday the significance of the World Trade Organization (WTO) amid global trade uncertainties.

"We recognize the importance of the WTO to advance trade issues, and acknowledge the agreed-upon rules in the WTO as an integral part of the global trading system," they said in a statement.

APEC countries "recognize the WTO has challenges and needs meaningful, necessary, and comprehensive reform to improve all its functions, through innovative approaches, to be more relevant and responsive in light of today’s realities," it added.

The APEC Ministers Responsible for Trade Meeting was held for two days on Jeju Island in South Korea, concluded Friday, with WTO Director-General Ngozi Okonjo-Iweala attending.

Digital transformation of economies and the importance of AI (artificial intelligence) were noted in the statement.

"We recognize AI’s potential to fundamentally reshape the landscape of international trade," it said.

Members also noted the "cross-sectoral challenges" global supply chains are facing, stating support for "efforts to ensure that supply chain issues continue to be discussed within APEC to enhance the resilience of supply chains for sustainable economic growth across the APEC region."

The event, themed "Building a Sustainable Tomorrow: Connect, Innovate, Prosper," brought together representatives from all 21 member economies.