San Francisco, November 18, 2023: US President Joe Biden has highlighted the collective efforts of Asia-Pacific Economic Cooperation (APEC) leaders in working towards building inclusive, resilient, and sustainable economies in the region. The statement came at the conclusion of the annual APEC Leadership Summit hosted by Biden, with leaders from the Asia Pacific region in attendance, including representatives from China, Japan, South Korea, Chile, Peru, Indonesia, Malaysia, Vietnam, and Hong Kong.
The summit addressed critical issues, with a focus on climate crisis mitigation and fostering economic sustainability. President Biden emphasized the commitment of US companies, announcing investments exceeding USD 500 billion into APEC economies. These investments aim to develop new subsea cables, decarbonize energy grids, and execute the most extensive US airline expansion into the South Pacific in history.
President joe Biden outlined the progress made during the summit, particularly in the Indo-Pacific Economic Framework. Notable achievements include agreements to strengthen supply chains, accelerate the transition to clean energy, and combat corruption. The next APEC Leadership Summit is scheduled to be held in Peru in 2024.
Key areas of focus outlined by President Joe Biden include
The launch of the Women in the Sustainable Economy Initiative, aiming to increase women’s participation in blue and green industries, such as forest management, clean energy, fisheries, and recycling. Partners in this initiative have already committed over USD 900 million.
Acknowledging the rapid technological changes anticipated in the next decade, Biden stressed the importance of ensuring that technological advancements, particularly in artificial intelligence, are used to uplift rather than limit the potential of people.
President Biden shared insights from a brief discussion with Chinese President Xi Jinping on the impact of artificial intelligence and the collective responsibility to ensure that digital technologies contribute positively.
Peruvian President Dina Boluarte emphasized the significance of addressing climate change as a shared responsibility. She invited leaders to join hands in continuing the crucial work on sustainable development and caring for the planet. President Boluarte expressed hope for a successful APEC summit in Peru next year.
The APEC summit’s outcomes reflect a commitment to addressing global challenges collaboratively and seeking solutions for sustainable and inclusive economic development.
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