During the APEC CEO Summit in San Francisco, President Joe Biden highlighted the significant role of the Asia-Pacific region in global economic growth and outlined the United States’ commitment to fostering a free, open, and prosperous Asia-Pacific. He emphasized the necessity of shared prosperity, inclusive growth, and sustainable and resilient economies. The President also discussed the U.S. economic recovery, investments from Asia-Pacific in America, and the importance of workers’ rights and labor standards in economic strategies.
- President Biden spoke at the 2023 APEC CEO Summit in San Francisco, emphasizing the importance of the Asia-Pacific region in global economics.
- He highlighted the region’s contribution to more than 60% of global GDP and its projection as the largest contributor to global growth over the next 30 years.
- Biden stressed the need for inclusive prosperity, workers’ empowerment, and sustainable, resilient economies.
- The U.S. economy’s growth was noted, with Biden mentioning a 4.9% increase in the last quarter, the highest rate in two years.
- Asia-Pacific economies have invested over $200 billion in the United States during Biden’s administration, creating tens of thousands of jobs.
- The President assured that the U.S. would be a reliable partner in the region, highlighting its engagement as a Pacific nation.
- Biden discussed the Indo-Pacific economic framework, a partnership aimed at addressing challenges like pandemic response, supply chains, climate change, and natural disasters.
- New announcements were made for the Partnership for Global Infrastructure and Investment to promote economic growth.
- He emphasized the importance of labor rights and announced a new Global Labor Strategy.
- The U.S. is managing its competition with China responsibly, aiming for a stable relationship beneficial for the global economy.
- Military-to-military communication channels with China are to be resumed to reduce the risk of miscalculation.
- Biden called for measuring success not just by balance sheets but by the positive impact on lives, potential unleashed, and the ability to maintain communication.
The Wall Street Journal is an American business and economic-focused international daily newspaper based in New York City. The Journal is published six days a week by Dow Jones & Company, a division of News Corp.
AllSides Media Bias Rating: Center
https://www.allsides.com/news-source/wall-street-journal-media-bias
Official website: https://www.wsj.com
Original video here.
This summary has been generated by AI.