Asia-Pacific trade envoys will gather this week in South Korea for discussions on multilateral cooperation, with talks taking place at a time when countries are scrambling to respond to US President Donald Trump's sweeping tariffs.
Trade representatives of 21 member economies of the Asia-Pacific Economic Cooperation grouping will attend two days of meetings starting Thursday in South Korea's resort island of Jeju, as part of a second round of senior officials' meetings ahead of an annual APEC leaders meeting later this year.
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APEC accounts for about half of global trade and 60 percent of global GDP.
Participants will attend closed-door sessions on broad topics ranging from multilateral trade to revitalization and sustainability, with the official agenda expected to include the role and reform priorities of the World Trade Organization amid current global challenges.
The officials are also expected to discuss other topics such as advancing the free trade area of the Asia-Pacific region, boosting digital trade, ramping up artificial intelligence readiness, and driving sustainable, inclusive growth.
Bilateral talks
On the sidelines of the gathering, US Trade Representative Jamieson Greer is scheduled to hold at least one bilateral trade talk with his South Korean counterpart on Friday.
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The gathering comes after the Trump administration signed its first bilateral trade agreement with Britain last week and agreed with China to lower tariffs significantly at their first face-to-face talks in Geneva on May 10-11.
In late April, when South Korea agreed with Washington to craft a trade package by July after an opening round of negotiations, Seoul said the meeting in Jeju would be an "interim assessment".
"There is scepticism we will see significant progress at the meeting, as there have not been substantive negotiations at the working level," said Heo Yoon, a professor of international trade at Sogang University in Seoul.
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In the latest chapter of South Korea's ongoing political turmoil, Prime Minister Han Duck-soo, who had led negotiations as acting president, resigned earlier this month, followed swiftly by Finance Minister Choi Sang-mok, who took part in the opening round of talks as the country heads for a snap election.
"What South Korea will do at this stage is to make efforts to set an atmosphere where it can steer future negotiations to its advantage," said Heo, who advises on trade talks.
US Commerce Secretary Howard Lutnick said in an interview with Bloomberg News last week that trade deals with South Korea and Japan "are not going to be fast deals", as they were expected to take significantly more time to complete than the deal with Britain.
To speed up negotiations, Washington and Seoul have agreed to bring all the proposed agendas to one table and discuss them altogether, rather than setting up separate working groups for each, one South Korean official told Reuters.
