APEC continues to affirm its position as the leading forum in the Asia-Pacific region for economic cooperation and connectivity, taking the lead in multilateral efforts for economic recovery, towards sustainable, inclusive and self-reliant growth.
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| APEC 2023 Summit Week takes place from November 11-17 in San Francisco, California. (Source: Reuters) |
From November 11-17, the 2023 Asia-Pacific Economic Cooperation (APEC) Summit Week will take place in San Francisco, California (USA). What is noteworthy about this annual event?
Busy schedule
APEC was established in Canberra, Australia in 1989 as an informal dialogue forum to promote regional economic integration. Initially, APEC consisted of 12 members. However, the forum has now expanded to 21 member economies, with a high frequency of exchanges, up to more than 100 meetings/year. APEC member economies account for 38% of the global population, equivalent to nearly 3 billion people, 62% of Gross Domestic Product (GDP) and nearly half of global trade.
APEC operates on the basis of non-binding commitments, open dialogue and respect for the views of all participants on an equal footing. Decisions are made by consensus and commitments are made on a voluntary basis.
In 2023, the United States will host the event for the third time (the previous two were in 1993 and 2011). In that context, the US has actively hosted many Ministerial Conferences in many major cities of the country. The host's priority areas are regional economic issues, including sustainable development, digitalization, women's economic empowerment, energy security, food security and health.
The APEC 2023 Summit Week, with the focus on the 30th Asia-Pacific Economic Leaders' Meeting, will be the focus in the coming days. From November 11, APEC senior officials and finance ministers will meet ahead of the APEC Economic Leaders' Meeting. Meanwhile, the annual APEC CEO Summit will take place from November 14-16. Leaders of the forum economies are expected to meet on November 17.
Meaningful Place
Another notable point is the venue. According to the US, choosing San Francisco as the venue for this year’s APEC Summit Week will reflect the priorities of this year’s Forum, which are “Connectivity, Innovation and Inclusion”.
First , located on the Pacific coast, San Francisco has become an economic and cultural “bridge” connecting the US and Asia, with one-third of the population being Asian Americans.
Second , San Francisco not only has a large GDP ($501 billion), the fourth largest economic sector in the United States, but is also a major economic center in the Asia-Pacific region. It is estimated that two-way trade between the city and APEC economies has now reached $100 billion annually.
Third , San Francisco has diverse and deep connections with APEC through sister cities, consulates, trade and cultural exchanges.
Finally , San Francisco Bay is home to the world's leading corporations and the "cradle" of global, pioneering creative industries.
Diverse ingredients
Regarding the participants, most of the APEC member economies will send representatives to attend. APEC members include: Australia, Brunei, Canada, Chile, China, Hong Kong - China, Taipei - China, Indonesia, Japan, Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Thailand, the United States and Vietnam.
Matt Murray, the senior US official in charge of APEC, confirmed that Russia had been invited. However, State Department spokesman Matthew Miller said that it would be “very surprising” if the Russian leader attended this year’s Summit Week.
According to Professor Maxim Bratersky, an expert at the Russian Higher School of Economics, the US's invitation to Russia to attend the Asia-Pacific Economic Leaders' Meeting shows that Washington wants to maintain a certain level of dialogue on some hot issues such as the Taiwan Strait, the Korean Peninsula, as well as other concerns.
Taiwan President Tsai Ing-wen is also expected to be absent from the Summit, with former senior officials or business leaders from the island expected to attend. In 2022, TSMC founder Morris Chang represented the Summit in Thailand. Hong Kong Chief Executive Lee Ka-chiu is also expected to be absent.
According to the website of the Chinese Foreign Ministry on November 10, spokesperson Hua Chunying announced that at the invitation of US President Joe Biden, Chinese President Xi Jinping will visit San Francisco (USA) from November 14-17, meet with the host country's leader and attend the 30th APEC Economic Leaders' Meeting.
This will be the second face-to-face meeting between the US and Chinese leaders since President Joe Biden took office in January 2021. Previously, the first meeting between the two leaders was at the G20 Summit in Bali, Indonesia in 2022.
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| US President Joe Biden will meet with Chinese President Xi Jinping in San Francisco on November 15 in San Francisco. (Source: AP) |
Economy is the focus
Finally, the content of this APEC Summit Week focuses on development cooperation. This year's theme is "Creating a Resilient, Sustainable Future for All", with priorities on "Connectivity", "Innovation" and "Inclusion". The United States "advance a free, fair and open economic policy agenda that benefits American workers, businesses and families".
2023 is the year the Forum will conduct a mid-term review of the implementation of the APEC Vision 2040 Aotearoa Blueprint. Members will report on progress in implementing the Blueprint in three pillars: trade and investment; innovation; and sustainable and inclusive growth.
Last year's APEC Sectoral Ministerial Meetings also adopted a number of non-binding recommended principles such as the APEC Principles for a Just Energy Transition; Principles for Achieving Food Security through Sustainable Agriculture and Food Systems in the APEC Region; Proposal to Integrate Inclusion and Sustainability into Trade and Investment Policies; Action Program and Disaster Risk Reduction Framework, etc.
In that context, the upcoming APEC Summit Week is an opportunity for economic leaders to meet and discuss progress in implementing the Aotearoa Plan, outcomes from APEC Sectoral Ministerial meetings, and to set out directions for moving forward.
This is an opportunity for leaders of member economies to meet and discuss a series of current regional and global hot issues and challenges. Mr. Victor Cha, Deputy Director of the Asia and Korea Program at the Center for Strategic and International Studies (CSIS), USA, commented that the focus of the discussions is the US-China relationship, the Russia-Ukraine and Israel-Hamas conflicts. Of particular interest, the meeting between Chinese President Xi Jinping and US President Joe Biden is of particular interest.
This not only contributes to consolidating progress in bilateral relations, but also strengthens the role of APEC Summit Week, an opportunity for economic leaders to meet, exchange, and work together to overcome differences, for the future of the region and the world.
With the above points, APEC continues to affirm its position as the leading forum in Asia-Pacific for economic cooperation and connectivity, taking the lead in multilateral efforts for economic recovery, towards sustainable, inclusive and self-reliant growth.
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