APEC Growth Falters Amid U.S. Tariffs: Trade Ministers Gather in Jeju

APEC's latest report indicates stalled export growth in the region as trade ministers gather in Jeju. Amid U.S. tariffs, exports are projected to rise by just 0.4%, down from 5.7% last year. The meeting will address multilateral trade challenges and potential WTO reforms.

The Asia-Pacific Economic Cooperation (APEC) warned on Thursday of negligible export growth in the region due to U.S. tariffs, while trade ministers commenced their annual gathering.

Exports are expected to rise by a mere 0.4% this year, a steep fall from last year's 5.7%, according to APEC's regional trends analysis report. The economic growth forecast for the region has also been cut to 2.6% from the previous 3.3%.

The meeting will see trade representatives engage in discussions about multilateral trade and cooperation, including potential reforms to the World Trade Organization, which the U.S. administration criticizes for allegedly favoring China.

(With inputs from agencies.)