APEC's Trade Meeting: Navigating Global Challenges Amid U.S. Tariffs
The Asia-Pacific Economic Cooperation's trade meeting highlighted fundamental challenges in the global trading system. However, it did not discuss a joint response to U.S. tariffs affecting over half of its members. The meeting emphasized reforms in the WTO and the need for economic cooperation among member countries.
The Asia-Pacific Economic Cooperation's (APEC) trade meeting concluded with a joint statement acknowledging significant challenges in the global trading system. However, the statement notably avoided a unified stance on U.S. tariffs, which have cast a shadow over proceedings.
Expressing concern over these tariffs, APEC reiterated its commitment to regional economic cooperation. The statement supported the World Trade Organization's role in addressing trade issues, although it called for comprehensive reforms to make the WTO more responsive.
Experts noted the U.S. stance on the WTO, with the Trump administration criticizing it for allegedly favoring China. Discussions also highlighted bilateral meetings, such as those between U.S. Trade Representative Jamieson Greer and his international counterparts, aimed at reducing tensions and tariffs in the future.
(With inputs from agencies.)
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