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09:40 GMT
TOKYO, May 16 (KUNA) -- Trade ministers of the Asia-Pacific Economic Cooperation (APEC) on Friday reaffirmed the importance of the World Trade Organization (WTO) in addressing global trade issues amid escalating uncertainties sparked by growing protectionism, Seoul-based Yonhap News Agency reported.
The trade chiefs of the Asia-Pacific region reached such a consensus in a joint statement unanimously adopted after their annual two-day multilateral meeting held on South Korea's southern island of Jeju from Thursday.
"We recognize the importance of the WTO to advance trade issues and acknowledge the agreed upon rules in the WTO as an integral part of the global trading system," the joint statement adopted by the APEC trade ministers read.
"We are concerned with the fundamental challenges faced by the global trading system," it added.
The APEC trade ministers also agreed to continue discussions on global supply chain issues facing "cross-sectoral challenges" and strengthen cooperation on the matter.
The joint statement was issued amid growing concerns over global trade uncertainties sparked by US tariffs, the report said. WTO reform was a key agenda item of the meeting in light of concerns over the organization's role in facilitating free trade, amid the rise of protectionism across the world, as seen prominent in US trade policies under President Donald Trump.
WTO Director-General Ngozi Okonjo-Iweala, who attended the APEC meeting, projected a reverse growth of the global trade market this year and reaffirmed the organization's commitment to reestablishing itself as a relevant institution for fostering a stable and predictable trading environment, South Korean Trade Minister Cheong In-kyo said.
When asked whether there were conflicts between the US and China in producing the joint statement, Cheong said the process faced a "big challenge" due to "sharp differences in views on the global trade environment" between APEC member countries, without specifying the countries. (end)
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