At the start of the Asia-Pacific Economic Cooperation(APEC) trade ministers’ meeting on Jeju Island on Thursday, Trade Minister Cheong In-kyo stressed the important role APEC plays in the challenging global trade environment.

Delivering his opening remarks at the Jeju International Convention Center in Seogwipo, the trade minister said that while trade between countries is expanding, uncertainty in the global economy is growing significantly.

Cheong, who is chairing the two-day meeting, said the world is paying attention to the 21 trade ministers as they put their heads together to find solutions.

The trade minister said APEC has established itself as the world’s largest economic cooperation body, accounting for approximately 61 percent of the world’s gross domestic product and around 49 percent of the global trade volume.

Cheong stressed that at a time when the multilateral trade system is being challenged, the reason for APEC’s existence has become clearer, adding that the meeting will have a major impact on the global economy.