2023 The Asia-Pacific Economic Cooperation, APEC, Economic Leaders’ Week (AELW) will be held in San Francisco from 11-17 November. APEC is the leading forum in the Asia-Pacific to facilitate trade and investment, economic growth, and regional cooperation.
The meeting is expected to draw tens of thousands of attendees to talk about regional economics, trade, infrastructure, and much more. The United States President Joseph R. Biden, Jr will chair the APEC Economic Leaders’ Meeting with 21 heads of state expected to be in attendance, including China's president, Xi Jinping. It will be the first visit of Xi to the US during the Biden administration.
The United States Secretary of the Treasury Janet Yellen will host the Finance Ministers’ Meeting, while the United States Secretary of State Antony Blinken and the United States Trade Representative Katherine Tai will host their foreign and trade counterparts for the APEC Ministerial Meeting. AELW will also feature the APEC CEO Summit and APEC Business Advisory Council (ABAC) Dialogue with Leaders.
APEC in the Arctic context:
Given the increasing economic importance of the region on a global scale, the conference is very likely to have a significant impact on Arctic development. This is especially crucial considering that the Arctic is expected to contain up to 30% of the world's unutilized resources. This will not only influence the utilization of these resources but also play a pivotal role in the future development and utilization of the Trans-Arctic Shipping Routes (refer to the map). The economic strength of the APEC member countries is already impacting Arctic nations, particularly in the fast-growing tourism industry. Additionally, cooperation in science and education has been on the rise in recent years, and increased collaboration within APEC will undoubtedly foster greater interest in Arctic issues.
Background:
APEC member economies will convene in San Francisco under the theme of “Creating a Resilient and Sustainable Future for All.” Guided by this theme, the 2023 host year has focused on three overarching policy priorities to ensure an “interconnected, innovative, and inclusive” Asia-Pacific region. The AELW will mark the culmination of the US host year.
APEC economies account for nearly 40 percent of the global population or about 3 billion people, and nearly 50 percent of global trade, and businesses from APEC economies have invested more than $1.7 trillion in the United States, employing 2.3 million American workers.
Source: The Asia-Pacific Economic Cooperation
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