The Asia-Pacific Economic Cooperation (APEC) Summit Week from November 11-17, 2023 in San Francisco is the most important activity in APEC 2023 for the host country, the United States.
Last year, the United States reinforced its commitment to the region through its Indo-Pacific strategy. But as host of APEC in 2023, the United States can advance its interests in the Asia-Pacific by playing a key role in setting an agenda that reduces conflict and promotes economic interdependence and peaceful global cooperation.
At a press conference ahead of the APEC Summit Week, Mr. Matt Murray, senior official in charge of APEC, Bureau of East Asian and Pacific Affairs (US Department of State) emphasized that with the theme of APEC 2023, the US policy priorities are to build a connected, innovative and inclusive Asia-Pacific region.
Through APEC, the United States is committed to strengthening economic cooperation in a dynamic region that represents 40 percent of the world's population, nearly half of global trade, and more than 60 percent of global GDP.
US exports to APEC economies surpassed $1.3 trillion in 2021. More than half of all US exports went to APEC economies, supporting nearly 7 million US jobs.
During the APEC Summit Week, APEC leaders will set a strategic vision for regional cooperation in the coming year, said Mr. Murray. The United States is proud of the progress made this year through APEC and remains committed to strengthening partnerships, engaging with regional stakeholders, and continuing to work toward a resilient and sustainable future for all.
Also at the press conference, Mr. Christopher Wilson - Assistant US Trade Representative in charge of Japan, Korea and APEC - stated that in line with the theme of creating a resilient and sustainable future, the Joe Biden administration has prioritized resilience and sustainability in US economic, trade and investment policies, to be better prepared for future shocks.
During APEC Summit Week, US Trade Representative Katherine Tai and Secretary of State Anthony Blinken will meet with partners on November 14 and 15.
“We will be focused on trade, looking forward to engaging with partners, with business leaders, civil society representatives and other stakeholders,” Mr Wilson said.
There will be an ambitious agenda for the APEC Ministerial Meetings, said Assistant Secretary Wilson. Trade Representative Katherine Tai and Secretary Blinken are expected to have robust discussions on how APEC economies can continue to work together to promote resilience for their people.
Specifically, trade ministers will discuss how APEC economies can cooperate ahead of the 13th World Trade Organization Ministerial Conference, which will be held in Abu Dhabi next February. Ministers will also continue the discussion they began in Detroit on ways to enhance sustainability and incorporate it into trade policies across the APEC region.
Trade between APEC members increased sharply to 9,900 billion USD
Statistics show that from 1989 to 2010, trade between APEC members increased nearly fivefold, from 1.7 trillion USD to 9.9 trillion USD; the average tax rate in the region decreased nearly sixfold, from 16.9% in 1989 to 5.8% in 2010; trade transaction costs also decreased significantly, through two 5% cuts in 2006 and 2010.
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