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Fresh off meeting with China’s Xi, Biden is turning his attention to Asia-Pacific economies

by Andrew Wright
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Asia-Pacific economies

Following his recent meeting with Chinese President Xi Jinping, President Joe Biden is now focusing on fortifying economic relations within the Asia-Pacific region. On Thursday, he plans to engage with CEOs to discuss the impact of global crises on their businesses and to convince leaders from the Indo-Pacific region of the U.S.’s dedication to enhancing economic partnerships there.

Biden, addressing a gathering, highlighted the necessity of cooperation and collective action in tackling a range of global challenges. He’s actively involved in the Asia-Pacific Economic Cooperation (APEC) summit and the Indo-Pacific Economic Framework, which includes most APEC members and other nations like India.

At the summit, Biden’s agenda includes the APEC tradition of a “family photo,” hosting a working lunch, and a formal dinner for leaders.

This APEC leaders’ summit, not hosted by the U.S. since 2011, was held virtually in 2020 and 2021 due to COVID-19. Last year’s in-person meeting in Bangkok was attended by Vice President Kamala Harris on behalf of Biden.

The APEC conference brings together global economic and diplomatic leaders. Biden, during a reception, posed challenging questions about the future of artificial intelligence, climate change, and building resilient supply chains.

Biden will address CEOs about emerging technologies and resilience strategies amidst various challenges. He’s confronting a vulnerable global economy, with factors like the Ukraine conflict, the Israel-Hamas tensions, supply chain frailties exposed by the pandemic, climate-induced natural disasters, and the disruptive potential of artificial intelligence.

Xi Jinping also engaged with American business leaders, emphasizing the significance of U.S.-China relations for global stability. While Biden and Xi acknowledge their nations’ economic competition, they strive to manage it responsibly.

Xi expressed concern over the sluggish global economic recovery post-pandemic, citing threats like supply chain disruptions and rising protectionism. Meanwhile, White House officials note that the U.S. appears to be in a stronger economic position than China, bolstered by strengthening alliances in the Pacific.

The U.S.’s Indo-Pacific Economic Framework (IPEF), unveiled in May 2022, focuses on supply chains, climate, anti-corruption, and trade. Although no formal trade deals will be announced, the framework’s structure allows Biden to navigate agreements with 13 countries without congressional involvement.

Washington-based reporter Josh Boak contributed to this coverage.

Frequently Asked Questions (FAQs) about Asia-Pacific economies

What is the focus of President Biden’s attention after meeting with China’s Xi Jinping?

President Biden is turning his attention to strengthening economic relationships in the Asia-Pacific region. He plans to engage with CEOs about the impact of global crises on businesses and persuade leaders from the Indo-Pacific about the U.S.’s commitment to enhancing economic ties in the region.

How is President Biden participating in the Asia-Pacific Economic Cooperation (APEC) summit?

Biden is actively involved in the APEC summit and the Indo-Pacific Economic Framework, which includes most APEC members and other nations like India. His agenda includes participating in the traditional “family photo,” hosting a working lunch, and a formal dinner for leaders.

What issues did President Biden raise during the APEC leaders’ reception?

During the reception, Biden raised questions about the future of artificial intelligence, the urgency of addressing climate change, and the need for building resilient and secure supply chains in the face of challenges like natural disasters and pandemics.

What are the challenges highlighted by Biden in the global economy?

Biden highlighted the vulnerable state of the global economy due to various factors, including the Ukraine conflict, Israel-Hamas tensions, pandemic-exposed supply chain frailties, climate change-induced natural disasters, and the disruptive potential of artificial intelligence.

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

The IPEF, announced in May 2022, focuses on supply chains, climate, anti-corruption, and trade. It allows the U.S. to engage in agreements with 13 countries, bypassing Congress for any deals. This framework signifies the U.S.’s commitment to strengthening economic ties and addressing major global challenges in the Indo-Pacific region.

More about Asia-Pacific economies

  • Biden’s Asia-Pacific Focus
  • APEC Summit 2023
  • Biden and Xi Jinping Meeting
  • Indo-Pacific Economic Framework
  • Global Economic Challenges Discussed by Biden
  • U.S.-China Relations Post-Pandemic
  • Biden’s Address to CEOs at APEC
  • Resilience in Global Economy and Supply Chains

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