Tuesday, June 6, 2023

US to host APEC summit next year to deepen economic ties in Asia

The United States said Thursday it will host the annual Asia-Pacific Economic Cooperation forum summit in 2023, as it seeks to deepen economic ties in the region facing China’s growing assertiveness.

The move underscores the commitment by the administration of President Joe Biden to “advance fair and open trade and investment, bolster American competitiveness, and ensure a free and open Indo-Pacific,” White House Press Secretary Jen Psaki said in a statement.

US President Joe Biden. (UPI/Kyodo)

She also reaffirmed the administration’s ongoing efforts to develop with US partners an “Indo-Pacific economic framework,” which it says will define “shared objectives” around issues such as trade facilitation, standards for the digital economy and technology, supply chain resiliency, clean energy and infrastructure.

Biden, who took office in January last year, is seeking to revive his nation’s presence in the region after his predecessor Donald Trump disappointed Asia-Pacific allies by snubbing key regional gatherings.

Founded in 1989, APEC is a platform for discussions on free trade by Pacific Rim economies covering 60 percent of global gross domestic product, some 40 percent of the world’s population and around 50 percent of its trade volume.

APEC groups Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, South Korea, Taiwan, Thailand, the United States and Vietnam.

This year’s APEC host is Thailand and Peru will be the host in 2024.

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