Biden tells Asia-Pacific leaders that US ‘not going anywhere’ as it looks to build economic ties

by Chloe Baker
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Asia-Pacific Economic Cooperation

The text you provided discusses President Joe Biden’s statements at the Asia-Pacific summit. Here is a paraphrased and completed version:

President Joe Biden conveyed America’s commitment to upholding high standards in trade and fostering partnerships that would benefit economies across the Pacific during his address to national leaders and CEOs attending the Asia-Pacific summit on Thursday.

In a resolute tone, he emphasized, “We are steadfast in our dedication.” Fresh from his meeting with Chinese President Xi Jinping, Biden also assured business leaders that the U.S. was focused on reducing risks and diversifying its economic relationships with China, rather than completely decoupling. However, he didn’t shy away from pointing out that the U.S. and its Pacific allies could offer businesses an alternative to China.

Biden made it clear that while there were efforts to cooperate, there were also real differences with Beijing, particularly regarding maintaining a fair economic playing field and safeguarding intellectual property rights.

In a time when global business leaders are navigating the complexities of conducting commerce amidst conflicts in the Middle East and Europe, as well as an uncertain post-pandemic economy, Biden emphasized the importance of American leadership. He assured Indo-Pacific leaders that the U.S. remained committed to nurturing economic ties in the region.

Biden’s outreach extended to world leaders at the Asia-Pacific Economic Cooperation summit, as well as through the Indo-Pacific Economic Framework initiated by his administration. He highlighted the substantial investments made by APEC members in the U.S. economy, supporting millions of American jobs, and reciprocally, U.S. companies’ investments in APEC economies.

Later discussions with APEC leaders were expected to focus on sustainability, climate change, and the transition to clean energy.

This year’s summit marked a significant event as the U.S. had not hosted the annual leaders’ summit since 2011 due to various factors, including the COVID-19 pandemic. Biden’s engagement aimed to address the unique challenges faced by today’s leaders.

Biden’s meeting with Xi and his commitment to responsible management of U.S.-China relations underscored the global significance of their interactions. They acknowledged the complexities of their nations’ ties but emphasized the mutual benefits of a stable relationship between the two largest economies.

Amidst ongoing demonstrations around APEC, the challenges of a vulnerable global economy, and disruptions caused by conflicts and technological advancements, businesses are navigating an evolving landscape.

In his engagement with American business leaders, Xi emphasized the potential for cooperation between China and the United States, highlighting opportunities for mutual success. He also mentioned the prospect of sending new giant pandas to the U.S.

Both Biden and Xi recognized the global implications of their countries’ relations and emphasized responsible management and cooperation, with Biden expressing optimism and Xi acknowledging the challenges facing the post-pandemic global economy.

White House officials highlighted the U.S.’s stronger position compared to China’s economy and its efforts to build robust alliances across the Pacific, including through the Indo-Pacific Economic Framework, which addresses key pillars such as supply chains, climate, anti-corruption, and trade.

While comprehensive trade agreements with U.S. allies are still under negotiation, the IPEF has enabled swift action on critical economic issues, demonstrating the U.S.’s commitment as a reliable partner for countries in the region.

Please let me know if you need further information or clarification on any specific part of the text.

Frequently Asked Questions (FAQs) about Asia-Pacific Economic Cooperation

What is the main message conveyed by President Biden at the Asia-Pacific summit?

President Biden’s main message at the Asia-Pacific summit is the U.S.’s unwavering commitment to high standards in trade and partnerships that benefit economies in the Pacific region.

What did President Biden emphasize regarding the U.S.’s relationship with China?

President Biden emphasized that the U.S. is focused on “de-risking and diversifying” its economic engagement with China but not completely decoupling. He also mentioned that the U.S. and its Pacific allies could offer businesses an alternative to China.

What challenges is the global business community facing, as mentioned in the text?

The global business community is navigating challenges such as conflicts in the Middle East and Europe, an uncertain post-pandemic economy, vulnerabilities in supply chains, and the impact of climate change. These factors are affecting their operations and strategies.

What is the significance of the Indo-Pacific Economic Framework (IPEF) mentioned in the text?

The Indo-Pacific Economic Framework is a key initiative of the Biden administration aimed at strengthening economic ties across the Pacific. It addresses pillars such as supply chains, climate, anti-corruption, and trade, showcasing the U.S.’s commitment to its Asian partners.

What was discussed in the meeting between President Biden and Chinese President Xi Jinping?

The meeting between President Biden and Chinese President Xi Jinping focused on the complex relationship between the two nations and emphasized responsible management and cooperation. Both leaders acknowledged the global importance of their interactions and the benefits of a stable U.S.-China relationship.

What is the key message regarding the U.S.’s economic position compared to China’s?

White House officials highlighted that the U.S. is in a stronger economic position compared to China. This strength, along with efforts to build alliances in the Pacific, underscores the U.S.’s role as a reliable partner for countries in the region.

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