Title: Biden Talks Trade at APEC Forum; Indo-Pacific Deal Delayed
San Francisco, CA – In a bid to strengthen economic ties with Pacific nations, President Joe Biden expressed his commitment to advancing a Pacific trade pact during the Asia Pacific Economic Cooperation (APEC) forum held in the city earlier this week. However, hopes for an Indo-Pacific Economic Framework (IPEF) trade deal were dashed as member nations failed to reach a consensus on labor and environmental standards or compliance.
Deputy U.S. Trade Representative Sarah Bianchi acknowledged the setback and stated that the U.S. and its Indo-Pacific partners would regroup and “recalibrate” their trade negotiations early next year. While disappointed, Biden remained optimistic and emphasized the importance of private investment alongside government investment. He announced the launch of an “investment accelerator” to attract private capital for investments in clean energy and technology, highlighting the potential for economic growth and job creation.
During his address, Biden underlined the significant U.S. investments in Asia by prominent companies such as Amazon, Delta Air Lines, PepsiCo, Apple, and Boeing. He argued that America’s economic prosperity would have a ripple effect, benefiting the entire world.
However, not all economic news coming out of the region is positive. The International Monetary Fund recently revised its growth forecasts for China, citing global growth that remains low and uneven despite the strength of the U.S. economy. This update has sparked concerns among APEC members, who closely monitor the relations between the U.S. and China due to their significant impact on global trade and security.
To address these concerns, Biden met with Chinese President Xi Jinping during the summit, with the aims of stabilizing relations between the two countries. He stressed that maintaining a stable relationship is not only beneficial for both nations but for the entire world.
Meanwhile, the U.S.-backed IPEF initiative faces stiff competition from the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) countries, which have opened their doors to new member nations conforming to their standards. However, trade deals have taken a back seat under the Biden administration due to pressure from labor groups.
As the APEC forum came to a close, it was clear that much work lay ahead in navigating the complex landscape of Pacific trade. President Biden and his team vowed to redouble efforts in the coming months and continue working towards a mutually beneficial trade agreement that strengthens economic ties and upholds shared values.
“Travel aficionado. Incurable bacon specialist. Tv evangelist. Wannabe internet enthusiast. Typical creator.”