APEC 2023 Summit Comes With More Agreements From World Leaders

San Francisco, California (ShanghaiEye) - San Francisco recently hosted a crucial economic summit, marking the United States' return to hosting the Asia-Pacific Economic Cooperation (APEC) summit since 2011. With the participation of world leaders, discussions centered on strategies to boost trade and economic growth across the Pacific region. Established in 1989 with 12 members, it has expanded to 21 members, including China, the United States, and Australia.

San Francisco played a pivotal role, highlighting its position as a central hub for shaping global economic cooperation. The APEC meeting stands out as the most significant assembly of world leaders in San Francisco since the 1940s. While in Washington, D.C., anticipation had built at the White House for weeks leading up to the APEC summit, featuring a crucial face-to-face meeting between President Joe Biden and President Xi Jinping.

The city had also welcomed senior U.S. officials, ministers, delegates, business leaders, and journalists for the APEC Economic Leaders’ Week (AELW). President Biden spotlighted the robust U.S. economy, enduring ties with Asia-Pacific, job-creating investments, and the U.S. economy's role in global growth. The APEC also concluded with the APEC Annual Ministerial Meeting Leaders' Plenary and the APEC Business Advisory Council Dialogue.

The AELW wrapped up a series of meetings across Honolulu, Palm Springs, Detroit, and Seattle. Delegates from the 21 member economies engaged in discussions on supply chain resilience, innovation, technology, clean energy, and more. The APEC CEO Summit's final day showcased speakers such as President Biden, the Presidents of Indonesia and Peru, Alphabet CEO Sundar Pichai, OpenAI CEO Sam Altman, Salesforce CEO Marc Benioff, and leaders at Meta.

APEC member economies collectively represent nearly 40 percent of the world's population and contribute to about half of global trade, according to the organization's website. During today’s last meeting, leaders also brought out the topic related to labor and the workforce. Restating the critical role the workforce is playing and committing to improving their welfare, which could lead to entire social economic growth ultimately.

As stated by Anthony Blinked, who is the Secretary of State, “We believe that every worker deserves to have their rights and dignity respected. That aligns with our deepest values. It also advances our interests because it’s one of the most effective ways to promote broad-based inclusive economic growth, which ultimately benefits American consumers, workers, businesses, and investors. This is we know it from our history we know it from our experience this is what lifts entire societies.”

President Biden ardently affirmed America's commitment to high trade standards and Pacific partnerships. Represented by the U.S. Chamber of Commerce, the nation highlighted the Indo-Pacific's geostrategic significance. As the region's influence expanded to include Japan, Korea, China, Southeast Asia, and India, it's projected to host two-thirds of the world's middle-class consumers within a decade.

President Biden, reflecting on the summit’s achievements, stated, “We committed to work together to strengthen the semiconductor supply chain with India, Japan, Republic of Korea, Singapore; we’ve launched new initiatives to shape technology and standards that will transform the future. We deepen economic partnership with the Philippines, Indonesia, Australia, and others.”

Stressing superior options with Pacific allies, President Biden also highlighted U.S. investments of $50 billion in 2023 across Asia-Pacific Economic Cooperation economies, focusing on clean energy, aviation, and cybersecurity. Addressing market share losses in the Indo-Pacific, he called on APEC economies to combat climate change decisively. Challenges persist in meeting the Paris Agreement's financing goals amidst global climate efforts.

The new 2023 framework has four major pillars: supply chains, climate, anti-corruption, and trade. President Biden also emphasized the U.S. commitment to fostering economic ties in the Indo-Pacific. Despite over 100 new trade agreements in the region, the U.S. hasn't expanded its comprehensive trade agreements in over a decade, disadvantaging American workers and businesses globally.

The 2023 APEC summit showcased world leader’s commitment to global economic cooperation, underscoring the Indo-Pacific's strategic importance. The event marked a historic moment for San Francisco and the U.S., reigniting its role on the world stage. Despite challenges and calls for action on climate change, the summit initiated a new framework, paving the way for enhanced trade, resilience, and collaboration in the ever-dynamic Asia-Pacific region.

ETB NEWS: Max Ren, Xinle Du, and Isabelle Rodriguez Contributed to this article