The Asia-Pacific Economic Cooperation (APEC) group released a statement addressing 'fundamental challenges' in the global trading system but did not propose a unified response to significant U.S. tariffs affecting many of its members.

For many of the member economies, the attendance of U.S. Trade Representative Jamieson Greer raised the stakes of the conference held on South Korea's Jeju Island, ahead of a leaders' summit scheduled later in the year.

SEOGWIPO, South Korea (Reuters) -The Asia-Pacific Economic Cooperation's trade gathering adopted a joint statement on Friday that cited "fundamental challenges" facing the global trading system, after a meeting in South Korea overshadowed by divisions on U.S. tariffs.