The Asia-Pacific Economic Cooperation (APEC) signatories said they were "concerned" over the challenges to global trade, as APEC ministers met in South Korea in the shadow of growing woes from US tariffs.

Trade ministers from the top economies that make up APEC are meeting on South Korea's Jeju Island amid concerns for the global trading system since US President Donald Trump unveiled bombshell levies on most partners.

The United States is a key APEC member and was represented by Trade Representative Jamieson Greer, who held bilateral meetings with nations eager to soften the blow of Washington's tariffs.

Trade ministers from the 21-member group said in a joint statement, "We are concerned with the fundamental challenges faced by the global trading system. "

They urged greater cooperation, saying they "remain committed" to APEC to "bring us together to address the economic challenges facing our region."

Hard-won document

South Korea's Minister for Trade, Cheong In-Kyo, said the joint statement was hard-won, with "significant differences" in positions clear early on in the talks.

But at the last minute, the countries "dramatically" reached an agreement, he said, with the APEC emphasizing the importance of global trading mechanisms such as the World Trade Organization (WTO) and sustainable supply chains.

He said this "sends a highly positive signal to global markets" and that "APEC members can work together to navigate the current highly uncertain global trade environment effectively."

Cheong said there had been no discussion of "joint responses" to US tariffs, saying it was not possible as "each country faces significantly different circumstances".

South Korea recorded a $66 billion trade surplus with the United States last year — behind only Vietnam, Taiwan and Japan — making it a key target of Trump's trade tirade.