APEC Trade chiefs urge sweeping WTO reforms

Trade chiefs of the 21 member economies of the Asia-Pacific Economic Cooperation (APEC) issued a joint statement calling for strategic reforms in international trade as the region grapples with uncertainties driven by two of its members: China and the United States (US).

- By DEXTER BARRO II

In a statement issued after the two-day APEC Ministers Responsible for Trade (MRT) meeting in Jeju, South Korea, the regional bloc recognized the importance of the World Trade Organization (WTO) in advancing trade issues as an integral part of the global trading system.

APEC noted that the WTO is facing challenges that require “meaningful, necessary, and comprehensive reform” to make it more relevant and responsive in light of recent developments.

Without directly stating tariffs and other trade upheavals, the group said its members are “concerned with the fundamental challenges faced by the global trading system.”