Thursday, June 13, 2024
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US to host APEC next year

Hakim Hayat

The United States (US) is set to host the Asia-Pacific Economic Cooperation (APEC) in 2023, underscoring its commitment to advancing fair and open trade and investment, bolstering American competitiveness, and ensuring a free and open Indo-Pacific, according to a statement from the White House press secretary.

The statement said US President Joe Biden and Vice President Kamala Harris offered to host APEC next year due to their focus on expanding and deepening economic ties in the region, while also thanking their fellow APEC economies for supporting the US offer to be the host.

“It is a top priority for the Biden-Harris Administration to serve as a strong and reliable partner to APEC economies and identify common ways to unleash economic opportunity, prosperity, and growth for us all,” the statement added.

It added US Secretary of Commerce Gina Raimondo, US Trade Representative Ambassador Katherine Tai and the team are working to develop with partners an Indo-Pacific economic framework that will define their shared objectives around issues vital to their future, including trade facilitation, standards for the digital economy and technology, supply chain resiliency, decarbonisation and clean energy, infrastructure, and worker standards.

Secretary of State Antony Blinken is also in the region this week to continue strengthening key diplomatic relationships and advancing shared priorities.

“The US looks forward to working closely with Thailand, the 2022 APEC host, Peru, the 2024 APEC host, and the APEC economies on an agenda that benefits all our people,” the statement concluded.

Brunei is also a member of APEC, an inter-governmental forum for 21 member economies in the Pacific Rim that promotes free trade throughout the Asia-Pacific region.