Trade ministers from member nations of the Asia-Pacific Economic Cooperation(APEC) unanimously adopted a joint statement amid the Trump administration's tariff policy and the protracted Sino-U.S. discord.

Wrapping up a two-day ministerial meeting on South Korea's southernmost island of Jeju on Friday, the ministers agreed that each country is connected through the multilateral trade system, as well as on the importance of the World Trade Organization(WTO).

According to Seoul's trade ministry, with South Korea as the chair, the ministers from 21 APEC nations reached agreement on the joint statement, after narrowing differences that were prevalent during the early stages of working-level negotiations.

Agreeing on the importance of the WTO for providing a legal basis for the global trade system, the APEC members reaffirmed their resolve to establish a transparent, predictable and business-friendly investment environment.

They also shared consensus that there needs to be a meaningful, essential and inclusive reform over the WTO's overall function.

The member states expressed interest and support for the "AI for Trade Initiative" put forth by South Korea, which includes an expansion of AI application in customs and trade administration.