The U.S. commitment to the Asia-Pacific is "unwavering," President Joe Biden said Friday while concluding an annual economic conference that brings together the leaders of the region collectively accounting for more than half of global trade.
In closing remarks before passing the torch to Peru, next year's chair of the Asia-Pacific Economic Cooperation forum, Biden said the summit in San Francisco that began Wednesday night had been productive and joked it could be extended for another five days.
"America's commitment to the Asia Pacific is unwavering, and in our view, from America's perspective, essential," Biden said as his administration seeks to reinforce U.S. leadership in Asia, where China's influence has been expanding rapidly.
APEC, formed in 1989, is a forum of informal dialogue initially designed to promote multilateral free trade and economic integration, but discussions have recently expanded to new areas, such as the transition to clean energy, artificial intelligence and ways to achieve more sustainable and inclusive economic growth.
The group now has 21 members, including Australia, Chile, China, Indonesia, Japan, Peru, Russia, South Korea, Taiwan and Thailand.
As with other major international fora, APEC members have found it difficult to reach unity in recent years, and especially since Russia's invasion of Ukraine started in February 2022. APEC has failed to issue a post-meeting joint statement on multiple occasions.
Earlier this week, the forum's trade and foreign ministers had two days of discussions in San Francisco, but did not issue a consensus document, apparently due to differences among members over the invasion as well as the Israel-Hamas war.
In addition, trade restrictions implemented on national security grounds and growing calls by the United States and its allies to rework China-dependent supply chains for industrial items have cast a shadow over talks on economic integration.
