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Asia-Pacific Economic Cooperation (APEC) forum concludes

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Asia-Pacific Economic Cooperation (APEC) forum concludes

The APEC Economic Leaders’ Meeting concludes today.

The meeting is the first time since 2011 that the US serves as the host. The US aims to discuss trade and investment, and sustainable and inclusive economic growth with the 21 members. On the sidelines of the main event, US President Joe Biden and Chinese President Xi Jinping met for the first time since last November. Both leaders agreed to resume dialogues on military and  AI, and look to increase anti-drug, cultural and commercial exchanges.

This year’s meeting takes place amid strained relations between China and the US. Tensions escalated following House Speaker Nancy Pelosi’s visit to Taiwan after the 2021 APEC Summit. Other events such as a Chinese spy balloon in US airspace, China’s support for Russia in Ukraine, and China’s growing assertiveness in the Taiwan strait have exacerbated already tense relations. However, a meeting between Xi and Biden may be a sign that the China-US relations may see a shift.

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Both parties would like to keep the tensions low since the US is concerned about the ongoing Israel-Gaza conflict and war in Ukraine, and the Chinese would like to recover from its economic slump. The US would make peace to secure continuous growth for APEC members. China may appeal to the business community via parallel APEC CEO summit to attract investment. Both parties agreed to establish a hotline to guarantee economy growth despite political turbulence.

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