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.
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