APEC Leaders to Gather in San Francisco to Confront Global Economic Challenges
The 2023 APEC Economic Leaders’ Week hosted by the United States (US) has commenced in San Francisco.
IDXChannel - The 2023 APEC Economic Leaders’ Week hosted by the United States (US) has commenced in San Francisco.
Under the theme of “Creating a Resilient and Sustainable Future for All”, leaders, ministers and officials will discuss a wide range of issues this year including trade and investment facilitation, the digital economy, clean energy and climate, health, gender equity and equality as well as anti-corruption and food security.
“Hosting APEC this year provides the United States with the opportunity to shape trade policies and drive economic growth in a vibrant Asia-Pacific region, which represents nearly 40 percent of the world's population, almost half of global trade and over 60 percent of the global economy,” said Ambassador Matt Murray, United States’ Senior Official for APEC.
According to him, seven of the US’ top 10 trading partners are APEC members. Businesses from APEC member economies have invested more than USD1.7 trillion in the US, with these investments employing 2.3 million American workers.
“This trade and investment engagement underscores APEC’s strategic role in our economic partnerships as this forum remains the premier platform for advancing economic and trade policies, fostering innovative ideas and supporting businesses, particularly small and medium-sized enterprises (SMEs),” he added.
This week-long meeting will culminate in the APEC Economic Leaders’ Meeting on 16-17 November of which Asia-Pacific leaders will establish strategic agenda and regional goals for the next year guided by US President Joe Biden.
Preceding the arrival of APEC Leaders, US Secretary of Treasury Janet Yellen will chair the APEC Finance Ministers’ Meeting on 13 November. At their meeting, Finance Ministers will focus on policies that increase long-term economic output at the same time addressing progress on social goals such as reducing inequality and environmental damage.
On 14-15 November, US Secretary of State Anthony Blinken and US Trade Representative Ambassador Katherine Tai will host their foreign and trade counterparts for the APEC Ministerial Meeting.
The APEC CEO Summit will also be held from 14-16 November, drawing business leaders and entrepreneurs from around the region to discuss how to build the future that is driven by sustainability, inclusion, resilience, and innovation.
“At the core, APEC is about how 21 member economies which are very varied in terms of economic development and political structures can sit together in a room, confront the most pressing economic challenges, deliberate on difficult issues and find common ground—all to further initiatives towards a better world,” said APEX Secretariat Executive Director Dr Rebecca Sta Maria.
“It is so necessary during this week’s set of meetings that we bring member economies together, not to focus on the differences and what divides us, but to focus on what we have been doing these past few years for regional economic integration, for youth, for women, for Indigenous Peoples and for our small businesses, and most importantly, to improve the lives of our citizens,” she added. (WHY)