The Asia-Pacific Economic Cooperation (APEC) is set to take centre stage as the United States hosts the APEC Economic Leaders’ Week in San Francisco from November 11 to 17. This event serves as a pivotal platform for the U.S. to propel economic policies in the Asia-Pacific region, emphasizing the principles of free, fair, and open trade and investment.
Commitment to Inclusive and Sustainable Growth
The week aims to underscore the United States’ commitment to fostering inclusive and sustainable economic growth while bolstering American competitiveness in the dynamic Asia-Pacific landscape. The U.S. will showcase the strength and resilience of its economy, emphasizing longstanding economic ties with the Asia-Pacific nations.
Job-Creating Investments and Global Impact
Particular attention will be given to the surge of job-creating investments from APEC economies into the United States in recent years. The U.S. will highlight its pivotal role in driving growth and innovation in the Asia-Pacific and globally.
Economic Resilience and Sustainable Future
Under the theme of “Creating a Resilient and Sustainable Future for All,” the U.S. has committed to building an interconnected, innovative, and inclusive Asia-Pacific region. APEC represents 40% of the world’s population, nearly half of global trade, and over 60% of the global economy.
Ministerial Meetings and Private Sector Engagement
The week will feature crucial ministerial meetings, including the finance ministers meeting chaired by U.S. Secretary of the Treasury Janet Yellen. Additionally, Secretary of State Antony Blinken and U.S. Trade Representative Ambassador Katherine Tai will convene their foreign and trade counterparts at the APEC Ministerial Meeting. President Biden will host the APEC Economic Leaders’ Meeting to establish a strategic vision for regional collaboration in the coming year.
Indigenous Engagement and Sustainability Focus
Assistant U.S. Trade Representative Chris Wilson highlighted an exciting trade-focused dialogue with indigenous leaders from several APEC economies, reflecting the Biden-Harris administration’s emphasis on inclusivity in trade policy. The ministers will discuss ways to deepen the incorporation of sustainability and inclusion in trade policies across the APEC region, setting the stage for the 13th World Trade Organization Ministerial Conference in Abu Dhabi.
Global Impact and Future Collaboration
As of 2021, APEC members have contributed $1.7 trillion in foreign direct investment into the United States, supporting 2.3 million American workers. U.S. exports to APEC economies in 2021 surpassed $1.3 trillion, underlining the impact of interconnected economies on job creation.
The U.S. remains dedicated to enhancing partnerships and engaging with stakeholders across the region, working toward a resilient and sustainable future for all. The APEC Economic Leaders’ Week will not only strengthen economic ties but also provide a platform for collaboration on pressing global issues, from the just energy transition to disaster risk reduction and the digital economy.
This news briefing was presented by Senior APEC Official Matt Murray and Assistant U.S. Trade Representative Chris Wilson at the Washington Foreign Press Center.
