U.S. President Joe Biden is committed to advancing a Pacific trade pact aimed at countering China’s influence, despite stumbling over his efforts to strengthen workers’ rights. Problems with labor and environmental standards have led to an agreement not being achieved at the Indo-Pacific Economic Framework (IPEF) and will require recalibrating their future trade negotiations. The White House is committed to working towards an accelerated timeline in hopes of reaching a trade agreement early next year.
During the APEC summit in San Francisco, Biden emphasized the significance of the Indo-Pacific region to the United States’ economic growth and outlined U.S. investments by major companies such as Amazon, Delta Air Lines, PepsiCo, Apple, and Boeing. American businesses have been the primary source of foreign direct investment in APEC countries, contributing at least $40 billion in 2023. Biden also discussed establishing an “investment accelerator” to leverage private investment in clean energy and technology as the White House aims to bolster economic engagement with Asia.
The U.S. and China have been navigating their strategic rivalry, with Biden emphasizing the favorable impact of a stable relationship between the two economies. The U.S. president asserted that he considers the United States as a “Pacific nation” that will maintain its engagement in the region. The summit also led to the signing of agreements to identify supply chain bottlenecks, accelerate clean energy transitions, combat corruption, and increase private capital for investments in clean energy and technology.
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