APEC trade ministers meet at 'time of shared uncertainty'

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Delegates attend the 2023 APEC Ministers Responsible for Trade (MRT) Meeting in Detroit, the United States, on May 25, 2023. [Photo/Xinhua]

Asia-Pacific Economic Cooperation (APEC) trade ministers are meeting "at a time of shared uncertainty and challenges in the global economy," said U.S. Trade Representative Katherine Tai on Thursday.

"We meet at a time of shared uncertainty and challenges in the global economy including fragile supply chains, growing inequality, and a worsening climate crisis," said Tai, chair of the 2023 APEC Ministers Responsible for Trade (MRT) Meeting, in her opening remarks at the event being held at The Westin Book Cadillac Detroit in the U.S. state of Michigan.

"These challenges were exacerbated through the pandemic and increasing geopolitical tensions that we see today. In light of this, we must assess where we are and think creatively, to better prepare ourselves for a more resilient and sustainable future," said Tai.

Tai said the trade ministers are scheduled to have the World Trade Organization discussion Thursday afternoon, and on Friday they will turn their attention to "fully integrating the principles of sustainability and inclusion in our respective trade policies and our engagements with other trading partners."

While attending the event, China's Minister of Commerce Wang Wentao will hold talks with U.S. Commerce Secretary Gina Raimondo and Tai respectively, and exchange views with the U.S. side on China-U.S. economic and trade relations as well as issues of common concern, Ministry of Commerce spokesperson Shu Jueting said on Thursday.

The APEC region's economic growth is expected to expand slightly to 3.1 percent in 2023, following a 2.6 percent moderation in 2022. Growth is expected to slow down to 2.8 percent in 2024, according to a new economic analysis published by the APEC Policy Support Unit.

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