White House APEC Economic Summit

On Nov. 17, White House reported on investments in APEC economies.

  • White House issued update following week of meetings with APEC economic leaders.
  • Follows US Treasury Nov. 2023 APEC Financial Ministers' Meeting, see #191203.
  • APEC Overview
  • US hosted Asia-Pacific economic cooperation (APEC) Leaders' Week, CEO Summit.
  • Demonstrated that the US is uniquely positioned to drive sustainable, inclusive, dynamic growth in one of the most economically important regions in the world.
  • Fact sheet states American businesses largest source of foreign direct investment in APEC economies with over $50 billion of investments into APEC economies in 2023.
  • APEC Economic Leaders' Week
  • SelectUSA event highlighted job-creating investments in the US by APEC companies.
  • Companies based in the Asia-Pacific have announced almost $200 billion of investments into the United States since the start of the Biden-Harris Administration.
  • Investing in America event highlighted investments, including in the clean energy and semiconductor sectors, that show ties with Asia-Pacific help American economy.
  • APEC contributed to 1/3 of all major clean energy and semiconductors investments.
  • US exports to Asia-Pacific have increased 25% compared to pre-pandemic levels.
  • IPEF event demonstrated commitment to deepening economic engagement with the region through the Indo-Pacific Economic Framework (IPEF), see #191609.
  • Supply chain agreement, clean economy agreement and fair economy agreement, along with progress on trade pillar negotiations, advance relations between regions.
  • President Biden Remarks
  • President Biden stated United States is on track to achieve 1.5 degree alignment goal.
  • APEC countries responsible for the largest share of global emissions, so must also bear responsibility for the solutions while there is still time to make necessary changes.
  • President Biden issued further remarks at APEC leaders retreat meeting on progress.
  • Inclusive growth topic still in need of attention; announced Women in the sustainable economy initiative to promote equal access to climate finance, see #191590.
  • Interconnected growth and technology, including AI, also areas needing attention.
  • Responsibility to work together to seize the opportunities and manage the risks of AI.
  • President Biden emphasized America’s commitment to Asia-Pacific as essential.
  • USTR Golden Gate Declaration
  • Following meeting of APEC economic leaders in San Francisco, California, on Nov. 16-17, 2023, parties signed the Golden Gate Declaration, affirming commitments.
  • Agreed to continue to harness technological and economic progress to spur economic growth, as well as to address all environmental challenges, including climate change.
  • Reaffirmed commitment to free, inclusive trade/investment environment, to advance economic integration, fight corruption, provide access to finance, amongst others.
  • Commitments centered on goals of advancing an interconnected, innovative and sustainable, as well as inclusive APEC region, and advancing APEC as an institution.
  • In Nov. 2023, JPN METI, MFA reported on attendance in APEC meetings, see #191821.
  • Mar. 2024 USTR Proposed Agreement, Framework
  • On Mar. 15, 2024, USTR reported release of proposed Fair economy agreement (Pillar IV) and procedural provisions of the Indo-Pacific economic framework (IPEF) texts.
  • Proposed Pillar IV Agreement embodies our commitment to driving inclusive, sustainable economic growth in the region by preventing and combatting corruption.
  • Reflects how combatting corruption and enforcing labor laws empowers workers.
  • Established IPEF Council, will meet annually to consider matters re IPEF agreements.

Regulators USTR; White House
Entity Types B/D; CNSM; Corp; Exch
Reference USTR: PR, 3/15/2024; PR, Sp, 11/17/2023; White House: PR, Sp, 11/17/2023; PR, Sp, 11/16/2023; ESG
Functions AML; Compliance; Environment; Financial; HR; Reporting; Research; Social; Tax; Technology; Trading; Treasury
Countries United States of America; Cross-Border
Category Central Government; National Regulator
Products Commodities; Corporate; Cryptocurrency; Securities
Regions Am
Rule Type Guidance
Rule Date 11/17/2023
Effective Date 3/15/2024
Rule Id 191606
Linked to Rule :191821
Reg. Last Update 3/15/2024
Report Section US Investment

Last substantive update on 03/18/2024