The president of USA, Joe Bidenwill highlight on Thursday his country’s strong ties with the economies of the Asia Pacific Economic Cooperation (APEC) Forumdespite having failed to make progress on crucial trade provisions sought by nations in the region.
Biden, who held an anticipated summit with Chinese President Xi Jinping on Wednesday, will address a meeting of big business CEOs on Thursday before speaking to the leaders of the 21 APEC members who came to San Francisco for the annual event of the organization.
Biden will also participate in an event with the 14-member Indo-Pacific Economic Framework (IPEF) that his Administration established to reinforce economic engagement, after former President Donald Trump abandoned a regional trade pact in 2017 that It had been negotiated for a long time.
U.S. hopes for an IPEF trade deal were dashed this week after members failed to agree on improving or enforcing labor and environmental standards, sources briefed on the talks said.
In remarks to APEC leaders, Biden will highlight US progress in combating climate change, call for collective APEC action and “will demonstrate the commitment of this administration to deepen the economic commitment to the region“a senior US official told reporters.
US exports to the region have grown by 12% and the 60% of the country’s shipments are sent to an APEC sister economy. Meanwhile, APEC members have invested US$1.7 trillion in the US economy since 2016, the official said.
The leaders of Japan, Vietnam and Singapore will join Biden at an IPEF event and highlight progress toward reaching a supply chain deal. The official said that the IPEF countries “would substantially conclude” clean economy and fair economy agreements.
US Commerce Secretary Gina Raimondo said on Thursday that IPEF countries had agreed on several “pillars” of the IPEF initiative, which cover cooperation on clean energy and anti-corruption measures. Ministers also formally signed text on a third pillar, covering supply chain resilience.
APEC members have been closely watching developments between the United States and China, the world’s two largest economies and strategic rivals, concerned that intensifying competition could disrupt global trade and security.
On Wednesday in San Francisco, executives from major American companies dined with Xi after his talks with Biden to stabilize relations.
Source: Reuters.
Source: Gestion
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