APEC Trade Ministers Meet Amid Global Economic Uncertainty, What’s Up?

Illustration. PHOTO: RBS

Detroit: US Trade Representative (US) Katherine Tai said the Asia-Pacific Economic Cooperation (APEC) Trade Ministers met at a time of uncertainty and shared challenges in the global economy.

“We are facing a time of uncertainty and challenges in the global economy including fragile supply chains, rising inequality and extreme weather conditions,” Katherine said. BetweenFriday, May 26, 2023.

Katherine, who chaired the APEC 2023 Meeting of Ministers Responsible for Trade (MRT), said this in the opening speech held at The Westin Book Cadillac Detroit in the US state of Michigan.

“These challenges are fueled by this pandemic and the growing geopolitical tensions we see today. With these in mind, we must assess where we are and think creatively, to better prepare for a strong and sustainable future,” Katherine said.

He said the trade ministers were scheduled to hold talks at the World Trade Organization on Thursday afternoon, and on Friday they will focus on fully integrating the principles of sustainability and inclusion into their trade policies and negotiations with other trading partners.

While attending the event, Chinese Commerce Minister Wang Wentao will hold talks with US Commerce Secretary Gina Raimondo and Katherine respectively, and exchange ideas with the US side about economic and trade relations between China and the US.

“In addition to common issues,” Ministry of Commerce spokesman Shu Jueting said.

Economic growth in the APEC region is expected to pick up slightly to 3.1 percent in 2023, after an average of 2.6 percent in 2022. Growth is expected to slow to 2.8 percent in 2024, according to the latest economic analysis published by the United Nations Development Program. of APEC Policy.

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Editor: Angga Bratadharma