APEC trade ministers convene in Jeju amid global trade disputes and policy uncertainty

The 31st Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting officially opened Thursday at South Korea's Jeju island, bringing together trade ministers and senior officials from 21 member economies including China. The two-day meeting, running from May 15 to 16, comes at a pivotal moment for the region as it navigates a complex global economic landscape marked by slowing growth, policy uncertainty, and emerging technologies.

This year's meeting prioritizes discussions on promoting innovation for trade facilitation, strengthening connectivity through the multilateral trading system, and advancing collaboration to achieve prosperity through sustainable trade.

According to the newly released "APEC Regional Trends Analysis," the region's GDP is projected to grow by just 2.6 percent in 2025—down sharply from the 3.3 percent projection made in March. This decline outpaces the global downgrade (now at 2.8 percent as per the IMF and 2.9 percent as per the APEC Regional Trends Analysis), underscoring the vulnerability of the APEC region amid intensifying trade tensions and geopolitical uncertainties.

"As a key driver in global trade, the APEC region faces a steeper growth downgrade than the rest of the world, driven by escalating trade disputes and policy uncertainty," the report warns. The warning came as China's Vice Minister of Commerce Li Chenggang and US Trade Representative Jamieson Greer met on the sidelines of the meeting, reported Reuters.

The meeting sets the tone for broader regional cooperation ahead of the APEC Economic Leaders' Meeting later this year. It also builds momentum toward 2026, when China will take on the role of APEC host.