APEC trade ministers fail to agree on multilateral trade system
Trade ministers from 21 member economies of the Asia-Pacific Economic Cooperation (APEC) forum concluded talks on May 26 in Papua New Guinea without reaching agreement on the issue of a multilateral trading system.
Trade ministers from 21 member economies of the Asia-Pacific Economic Cooperation (APEC) fail to reach agreement on the issue of a multilateral trading system. (Photo: apec.org)
Hanoi (VNA) – Trade ministers from 21 member economies of theAsia-Pacific Economic Cooperation (APEC) forum concluded talks on May 26 inPapua New Guinea without reaching agreement on the issue of a multilateraltrading system.
After the two-day gathering, the ministers released a joint statement coveringdiscussion areas including promoting the digital economy and deepening regionaleconomic integration.
However, the ministers struggled to agree on the issue of a multilateraltrading system.
Papua New Guinea Foreign Affairs and Trade Minister Rimbink Pato, who isalso Chairman of the conference, issued a separate statement reflecting hisassessment of the prevailing views of APEC economies.
Accordingly, the APEC trade ministers stressed that trade liberalisation andfacilitation are essential for achieving sustainable global growth. Theycommitted to continuing APEC’s leadership to promote free and open markets whilefighting against protectionism.
The statements will be submitted to APEC leaders for their consideration aheadof their summit in November in Port Moresby capital, Papua New Guinea.
APEC groups Australia, Brunei, Canada, Chile, China, Hong Kong (China),Indonesia, Japan, the Republic of Korea, Malaysia, Mexico, New Zealand, PapuaNew Guinea, Peru, the Philippines, Russia, Singapore, Taiwan (China), Thailand,the United States and Vietnam.-VNA
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Trade ministers from 21 member economies of the Asia-Pacific Economic Cooperation (APEC) fail to reach agreement on the issue of a multilateral trading system. (Photo: apec.org) 
