US Trade Representative Katherine Tai in front of the MRT Ministers responsible for trade meeting in Detroit, the United States, on May 25, 2023. Photo PHOTO XINHUA DETROIT, the United States - Asia-Pacific Economic Cooperation APEC trade ministers are meeting at a time of shared uncertainty and challenges in the global economy, said US Trade Representative Katherine Tai.
We meet at a time of shared uncertainty and challenges in the global economy, including fragility supply chains, growing inequality, and a worsening climate crisis, Tai, chair of the 2023 APEC Ministers responsible for trade meeting, said in her opening remarks at the event held at The Westin Book Cadillac Detroit in the US state of Michigan.
While at the event, China's Minister of Commerce Wang Wentao will hold talks with the US Commerce Secretary Gina Raimondo and Tai respectively, and exchange views with the US side on China-US economic and trade relations as well as issues of common concern, said Shu Jueting, a ministry of commerce spokeswoman.
The pandemic and increasing geopolitical tensions seen today have exacerbated these challenges. In light of this, we must assess where we are and think creatively, to better prepare ourselves for a more robust and sustainable future, Tai said.
Tai said the trade ministers are scheduled to have the discussion of the World Trade Organization on 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 at the event, China's Minister of Commerce Wang Wentao will hold talks with US Commerce Secretary Gina Raimondo and Taiwan, and exchange views with the US side on China-US economic and trade relations as well as issues of common concern, a Ministry of Commerce spokeswoman said.
The APEC region's economic expansion is forecast to grow slightly to 3.1 percent in 2023, following a 2.6 percent moderation in 2022. The growth forecast is expected to slow down to 2.8 percent in 2024, according to a new economic analysis released by the APEC Policy Support Unit.