APEC countries are close to agreeing a joint trade declaration at their annual summit in South Korea, the host’s foreign minister has said, following U.S. President Donald Trump’s early exit.
Members of the Asia-Pacific Economic Cooperation (APEC) forum are nearing agreement on a joint declaration addressing trade and global economic concerns, South Korea’s Foreign Minister Cho Hyun said on Thursday, ahead of the summit’s formal opening on Friday in Gyeongju.
“We are very close,” Cho told reporters after chairing a ministerial meeting. While talks continued over the wording of both the ministerial and leaders’ declarations, he said he was hopeful a final statement would be adopted by the time the summit concludes on Saturday.
The 21-member APEC forum is a non-binding grouping that accounts for 50 % of global trade and 61 % of the world’s GDP. This year’s meeting has been shaped by tensions over protectionist policies, with several nations raising concerns about non-tariff barriers and fragile supply chains.
U.S. President Donald Trump departed South Korea on Thursday after finalising a trade deal with China and formalising a tariff agreement with Seoul a day earlier. His latest agreements follow a string of side-line deals made during a Southeast Asia summit in Malaysia earlier in the week.
“It is in line with our interest for the U.S. and China to find a balance and stabilise supply chains and other issues,” South Korea’s Trade Minister Yeo Han-koo said at the joint briefing, calling both countries “our biggest trading partners.”
Yeo noted that most APEC members recognised ongoing challenges in the form of protectionism, non-tariff barriers and broader geopolitical uncertainties.
Cho added that tariffs were only part of the problem undermining the global trade system. “There are several issues such as problems facing global value chains,” he said.
APEC failed to adopt a joint declaration in both 2018 and 2019, during Trump’s first term, due to disagreements between member states. Officials say a successful outcome this year would signal renewed commitment to open trade in the region.
German Chancellor Friedrich Merz met with Turkish President Recep Tayyip Erdogan on Thursday in Ankara as both countries explored new pathways for bil...
Central Asia, the South Caucasus and Pakistan have received a significant boost in their fight against the impacts of climate change with the approval...
Ukraine has introduced nationwide restrictions on electricity use, enforcing eight-hour daily limits following severe damage to power infrastructure....
Iran’s Foreign Minister Abbas Araghchi said that Tehran is pursuing what he termed a policy of “provincial diplomacy” to promote Iran’s trade ...
Russia launched a wave of drone and missile strikes on Ukraine’s energy infrastructure overnight, prompting nationwide electricity restrictions and ...
German Chancellor Friedrich Merz met with Turkish President Recep Tayyip Erdogan on Thursday in Ankara as both countries explored new pathways for bilateral economic relations.
Central Asia, the South Caucasus and Pakistan have received a significant boost in their fight against the impacts of climate change with the approval of a $250 million grant.
The United Nations Security Council is holding open briefings and closed consultations on Sudan following what it called the "dire situation in El Fasher".
Ukraine has introduced nationwide restrictions on electricity use, enforcing eight-hour daily limits following severe damage to power infrastructure.
Nokia announced on Tuesday that chipmaker Nvidia will acquire a $1 billion stake in the company.
The deadliest police operation in Brazil's history killed at least 132 people, officials said on Wednesday, after Rio de Janeiro residents lined a street with dozens of corpses collected overnight, a week ahead of global climate events in the city.
Centrist liberal party D66, led by 38-year-old Rob Jetten, has made sweeping gains in the Dutch election, emerging neck and neck with Geert Wilders’ far-right Freedom Party (PVV) in early results — a stunning reversal just two years after D66 ranked sixth.
Reliable sources have confirmed to AnewZ that the United States has asked Azerbaijan to join a Stabilisation Force in Gaza, as part of a proposed international mission to secure the territory.
U.S. President Donald Trump agreed with President Xi Jinping to trim tariffs on China in exchange for Beijing cracking down on the illicit fentanyl trade, Trump said.
German Chancellor Friedrich Merz met with Turkish President Recep Tayyip Erdogan on Thursday in Ankara as both countries explored new pathways for bilateral economic relations.
Ukraine has introduced nationwide restrictions on electricity use, enforcing eight-hour daily limits following severe damage to power infrastructure.
Russia launched a wave of drone and missile strikes on Ukraine’s energy infrastructure overnight, prompting nationwide electricity restrictions and killing one person in the city of Zaporizhzhia, officials said on Thursday.
Israeli forces crossed into southern Lebanon overnight, killing a municipal employee in a border town raid that prompted Lebanon’s president to order the army to confront any future incursions, state media said on Thursday.
Police in Dar es Salaam fired gunshots and tear gas on Thursday to break up renewed protests following a disputed general election, a Reuters witness said.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment