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.
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|Reg. Last Update
Last substantive update on 11/20/2023