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Nov 19, 2023

APEC Summit ends, Peru to host next year’s meet  

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FA Correspondent
Getty image: Slideplayer
Getty image: Slideplayer

The convening of Asia-Pacific Economic Cooperation (APEC) Economic Leaders in San Francisco November 16-17 capped off a successful APEC host year for the United States, advancing its theme of “Creating a Resilient and Sustainable Future for All.”

APEC was established in the first meeting of the Asia-Pacific Economic Cooperation (APEC) held in Canberra, Australia, on November 6-7, 1989 as an inter-governmental regional economic forum for 21 member economies in the Pacific Rim to promote sustainable growth and better economic relations among the member countries. Australia, Brunei Darussalam, Canada, Indonesia, Japan, Malaysia, New Zealand, the Philippines, Singapore, South Korea and Thailand and the United States of America were the founders of the APEC that was headquartered in Singapore.

Later, Hongkong, Chinese Taipei, China joined in 1991. Mexico, Papua New Guinea joined in 1993. Chile joined in 1994. Russia, Peru and Vietnam joined in 1998.

In addition to the APEC Economic Leaders’ Meeting chaired by US President Biden, APEC Economic Leaders’ Week included the Finance Ministers’ Meeting, chaired by US Treasury Secretary Yellen, November 12-13, and the APEC Ministerial Meeting co-chaired by US Secretary Blinken and U.S. Trade Representative Ambassador Tai, November 14-15, said the press note of the US State Department.

It also included the APEC CEO Summit, which convened CEOs, entrepreneurs, thought leaders, and political leaders for discussions on global opportunities and challenges that are shaping economic, environmental, and societal trends in the region, as well as the APEC Business Advisory Council Annual Dialogue with Leaders, chaired by the US Vice President Ms. Kamala Harris.

Throughout 2023 APEC host year, the United States worked with APEC economies to support sustainability through a focus on a just energy transition, build a Digital Pacific by advancing digital skills and connectivity, and promote resilience and inclusion by meeting the moment on trade and investment, gender equity, food security, anti-corruption, supply chains, and support for Micro, Small and Medium-Sized Enterprises., it reads.

President Biden, as APEC Chair, has advanced a dynamic economic agenda, in line with the United States’ host year priorities of building a more interconnected, innovative, and inclusive APEC region, the release noted adding, “Under President Biden, the United States will continue leading the global economy to drive inclusive economic growth which benefits American workers, families, and businesses, and delivers prosperity across the Asia-Pacific.”

Leaders endorsed the Golden Gate Declaration, a consensus declaration to advance efforts to achieve APEC economies’ ambitious sustainability and inclusion objectives.

Treasury Secretary Yellen also hosted ministers from November 12-13 for the 2023 Finance Ministers’ Meeting.

APEC member economies are home to 3 billion people – nearly 40 percent of the world’s population – and represent almost half of global trade and more than 60 percent of the world’s GDP.

Private sector partners across all APEC economies play a critical role in APEC’s goal of driving sustainable, inclusive, and dynamic economic growth throughout the region.

South American country Peru will host the APEC Summit in 2024.