APEC trade ministers commit to advancing AI discussions

Korea’s Trade Minister Cheong In-kyo, cencter, chair of the Asia-Pacific Economic Cooperation Ministers Responsible for Trade Meeting, speaks during a press conference at the International Convention Center in southern Jeju, Friday. Courtesy of Ministry of Trade, Industry and Energy

The Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) Meeting successfully released a joint statement Friday, which includes an agreement to take further steps in developing initiatives to implement artificial intelligence (AI) in trade.

The two-day meeting from Thursday to Friday on Jeju Island, brought together trade ministers from 21 APEC economies, along with officials from the World Trade Organization (WTO) and the OECD.

Korea’s Trade Minister Cheong In-kyo, who also served as chair of the meeting, shared that the member economies have supported Korea’s suggestion for “AI for Trade,” which has three initiatives: expanding AI implementation in the customs administration process, enhancing public understanding of the members’ varying AI policies and voluntarily exchanging information on AI standards and technologies.

“As a follow-up, AI Trade Public-Private Dialogue will be held in Incheon this August to develop specific plans for implementing the three initiatives,” Cheong said during a press conference announcing the joint statement.

He explained that member economies reached a last-minute consensus on the statement, addressing three agenda items discussed since earlier this month.

“Achieving this joint statement sends a very positive signal to the global market that APEC members can cooperate and overcome together the current global trade environment that has been highly uncertain,” Cheong said, calling it the “Miracle of Jeju.”

The joint statement also addresses the meeting’s other two agenda items — connectivity through a multilateral trading system and prosperity through sustainable trade.

The member economies have agreed on the importance of the WTO in solving trade issues, and that it needs meaningful and comprehensive reform “to be more relevant and responsive in light of today’s realities.”

The WTO expressed its determination to create a stable and predictable trade environment while urging the trade ministers to provide political support for its reform.

Regarding sustainable trade, the trade ministers noted that the “global supply chains are facing cross-sectoral challenges,” and reaffirmed their commitment to strengthening physical, institutional and people-to-people connectivity, while taking advantage of digital connectivity.