Doha, May 21 (QNA) - Against the backdrop of a world grappling with mounting crises and economic challenges, the 32nd meeting of Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) will begin tomorrow in the Chinese city of Suzhou and run for two days.

The main objective of the meeting is to strengthen regional economic integration, safeguard the multilateral trading system, and promote new growth drivers in the digital and green economies to address the slowdown in global growth. The importance of the meeting is reflected in a number of strategic priorities, including building an open economic system by seeking to curb protectionist tendencies, coordinate economic and trade rules, and support investment partnerships that enhance mutual trust among member economies.

These priorities also include enhancing the resilience and smooth functioning of global supply chains to shield the region’s economy from the repercussions of crises and complex challenges, in addition to supporting the digital and green economies and discussing the transition to digitalization, such as electronic bills of lading and digital port networks, as well as adopting green‑economy strategies to create sustainable growth engines.

On May 17, a meeting of APEC’s Committee on Trade and Investment (CTI) was held in Shanghai as part of preparations for the meeting of trade ministers of member economies. The meeting examined a number of economic and trade issues, including efforts to improve the cross‑border flow of goods and services, progress made in enhancing regional economic integration, including the Regional Comprehensive Economic Partnership (RCEP), the Comprehensive and Progressive Agreement for Trans‑Pacific Partnership (CPTPP), and the Digital Economy Partnership Agreement (DEPA).

Discussions also addressed investment facilitation, connectivity between transport and logistics services, and cooperation to support more efficient and resilient supply chains across the region.

The APEC trade ministers’ meeting is one of the forum’s key gatherings for discussing trade policies and is a major event within “China’s APEC Year 2026.” It also serves as a key platform for building consensus and preparing tangible outcomes ahead of the APEC Economic Leaders’ Meeting scheduled for November in the Chinese city of Shenzhen.

The meeting comes about a week after the International Monetary Fund (IMF) issued negative projections for global economic growth this year, forecasting that global growth would slow to 3.1% in 2026, a level below the historical average of the past two decades. The slowdown is attributed mainly to the repercussions of geopolitical tensions, particularly regional conflicts, which have led to disruptions in energy markets and supply chains. The Fund also outlined a “severely adverse scenario” in which growth slows to 2% while inflation jumps to 6%. 

The Global Risks Report 2026 warned that the global economy may enter a period of rising geopolitical and economic challenges. This is due to continued slow growth and declining job creation expectations.

According to the report released by the World Economic Forum in Davos earlier this year, trade tensions and tariffs between countries have become major concerns that complicate the global economic landscape.

It also pointed out that what is called the "geoeconomic confrontation" has become one of the biggest future challenges, replacing armed conflicts which were considered the greatest threat in previous years. The Asia-Pacific Economic Cooperation (APEC) also faces several challenges, including rising trade disputes, disruptions to global supply chains, slowing economic growth, inflation pressures, and the rapid advancement of artificial intelligence (AI) technology.

At the same time, member countries agree on the need for comprehensive and fundamental reforms to the World Trade Organization (WTO) to address the core issues threatening the global trading system.

The choice of the city of Suzhou for the 32nd Ministerial Meeting of APEC wasn't random. Suzhou is a significant economic hub in China. Its GDP exceeded $387 billion in 2025, ranking sixth among Chinese cities and among the top twenty worldwide. Suzhou is also a major center for Chinese foreign trade, with total exports of $410 billion last year, nearly 70% of which was with APEC member countries.

APEC's 21 member economies are Australia; Brunei; Canada; Chile; China; Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Thailand, Taiwan, the United States, and Vietnam.

Since its founding in 1989, APEC has become a key driver of growth in the Asia-Pacific region. The region's GDP has risen from $19 trillion to over $52.8 trillion by 2021, helping to double regional trade, raise income levels, and lift millions out of poverty. Its members account for about 40% of the world's population, nearly half of global trade, and around 60% of the global GDP, which exceeds $63 trillion. (QNA)