Affirming its leading position

APEC continues to affirm its position as the leading forum in the Asia-Pacific region for economic cooperation and integration, spearheading multilateral efforts to revive the economy and move towards sustainable, inclusive, and resilient growth.

The APEC 2023 Summit Week took place from November 11-17 in San Francisco, California. (Source: Reuters)

From November 11-17, the 2023 Asia-Pacific Economic Cooperation (APEC) Summit will take place in San Francisco, California (USA). What's noteworthy about this year's annual event?

Busy schedule

APEC was established in Canberra, Australia, in 1989 as an informal dialogue forum to promote regional economic integration. Initially, APEC comprised 12 members. However, the forum has now expanded to include 21 member economies, with a high frequency of exchanges, reaching over 100 meetings per year. APEC member economies account for 38% of the global population, equivalent to nearly 3 billion people, 62% of the Gross Domestic Product (GDP), and almost half of global trade.

APEC operates on the basis of non-binding commitments, open dialogue, and respect for the views of all participating parties on an equal footing. Decisions are made based on consensus, and commitments are made on a voluntary basis.

In 2023, the United States hosted the event for the third time (the previous two times were in 1993 and 2011). Against this backdrop, the US actively hosted numerous ministerial conferences in various major cities across the country. The host nation prioritized regional economic issues, including sustainable development, digitalization, empowering women economically, energy security, food security, and health .

In particular, the APEC 2023 High-Level Week, with the 30th Asia-Pacific Economic Leaders' Meeting as its focal point, will be the highlight of the coming days. Starting on November 11th, senior APEC officials and finance ministers will meet ahead of the APEC Economic Leaders' Meeting. Meanwhile, the annual APEC CEO Summit will take place from November 14-16. Leaders from the forum's economies are expected to convene on November 17th.

A place of great significance.

Another noteworthy point is the venue. According to the US, choosing San Francisco as the location for this year's APEC High-Level Week reflects the Forum's priority: "Connectivity, Innovation, and Inclusion."

First , situated on the Pacific coast, San Francisco has become an economic and cultural "bridge" connecting the United States and Asia, with one-third of its population being Asian Americans.

Secondly , San Francisco not only has a large Gross Domestic Product (GDP) of $501 billion, making it the fourth largest economic region in the United States, but it is also a major economic hub in the Asia-Pacific region. It is estimated that two-way trade between the city and APEC economies currently amounts to $100 billion annually.

Third , San Francisco has diverse and deep connections with APEC through sister cities, the establishment of consulates, trade exchanges, and cultural interactions.

Ultimately , the San Francisco Bay Area is home to the world's leading companies and corporations, and is the cradle of the global innovation and pioneering industry.

Diverse composition

Regarding participation, most APEC member economies will send representatives. APEC members include: Australia, Brunei, Canada, Chile, China, Hong Kong, Chinese Taipei, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Thailand, the United States, and Vietnam.

Matt Murray, the senior US official in charge of APEC, confirmed that an invitation had been sent to Russia. However, State Department spokesman Matthew Miller said it would be "very surprising" if the Russian leader attended this year's APEC summit.

According to Professor Maxim Bratersky, an expert at the Higher School of Economics in Russia, the US invitation to Russia to the Asia-Pacific Economic Leaders' Summit shows that Washington wants to maintain a certain level of dialogue on some pressing issues such as the Taiwan Strait, the Korean Peninsula, and other concerns.

Taiwanese President Tsai Ing-wen is also expected to be absent from the High-Level Week, with former senior officials or business leaders from the island taking her place. In 2022, Morris Chang, founder of TSMC, represented Taiwan at the High-Level Week in Thailand. Hong Kong Chief Executive Lee Ka-chiu is also likely to be absent.

According to the website of the Chinese Ministry of Foreign Affairs on November 10, spokesperson Hua Chunying announced that, at the invitation of US President Joe Biden, Chinese President Xi Jinping will visit San Francisco from November 14-17 to meet with the host country's leader and attend the 30th APEC Economic Leaders' Meeting.

This will be the second face-to-face meeting between the two leaders of the United States and China since President Joe Biden took office in January 2021. The first meeting between the two leaders was at the G20 summit in Bali, Indonesia, in 2022.

US President Joe Biden will meet with Chinese President Xi Jinping in San Francisco on November 15th. (Source: AP)

The economy is the focus.

Finally, the focus of this year's APEC High-Level Week is on development cooperation. This year's theme is "Building a Resilient, Sustainable Future for All," with priorities on "Connectivity," "Innovation," and "Inclusiveness." The United States "advances a free, fair, and open economic policy agenda that benefits American workers, businesses, and families."

2023 marks the year the Forum conducts a mid-term review of the implementation of the Aotearoa Plan on the APEC Vision to 2040. Members will report on the progress of the Plan's implementation across three pillars: trade and investment; innovation; and sustainable and inclusive growth.

The APEC Ministerial Meetings last year also adopted a number of non-binding recommended principles such as the APEC Principles for a Just Energy Transition; Principles for Achieving Food Security through Sustainable Agro-Food Systems in the APEC Region; Proposals for Integrating Inclusiveness and Sustainability into Trade and Investment Policies; Action Programs and Frameworks for Disaster Risk Reduction…

Against this backdrop, the upcoming APEC High-Level Week is an opportunity for leaders of the economies to meet, discuss the progress of the Aotearoa Plan, the outcomes of the APEC ministerial meetings, and set directions for further progress.

This is an opportunity for leaders of member economies to meet and exchange views on a range of pressing regional and global challenges. Victor Cha, Deputy Director of the Asia and Korea Program at the Center for Strategic and International Studies (CSIS) in the US, noted that the focus of the discussions will be on US-China relations, the Russia-Ukraine conflict, and the Israel-Hamas conflict. The meeting between Chinese President Xi Jinping and US President Joe Biden is of particular interest.

This not only contributes to consolidating progress in bilateral relations, but also strengthens the role of APEC High-Level Week, as an opportunity for leaders of economies to meet, exchange views, and overcome disagreements together, for the future of the region and the world.

With the points mentioned above, APEC continues to affirm its position as the leading forum in the Asia-Pacific region for economic cooperation and integration, at the forefront of multilateral efforts to revive the economy, and move towards sustainable, inclusive, and resilient growth.

Source: https://baoquocte.vn/tuan-le-cap-cao-apec-2023-khang-dinh-vi-the-hang-dau-249413.html