APEC summit in South Korea close to reaching concensus, host country says

Member countries of the Asia-Pacific Economic Cooperation (APEC) forum are close to reaching a consensus on a joint declaration at the annual summit in South Korea starting Friday, the host country's foreign minister said on Thursday.

Most member countries agree that there are challenges such as protectionist barriers, the country's trade minister also said at a joint briefing held after chairing a ministerial meeting to prepare for the leaders' summit.

APEC is a non-binding 21-member forum accounting for 50% of global trade and 61% of world GDP. It failed to adopt a joint declaration in 2018 and 2019.