APEC Summit in SF: Promoting Trade and Economic Growth The APEC summit, short for Asia-Pacific Economic Cooperation, is taking place this week in San Francisco, California. This annual gathering brings together leaders from the 21-member countries around the Pacific Ocean to discuss and promote trade, investment, and economic development in the region. With member nations accounting for nearly 40% of the global population and almost half of the world’s trade, APEC plays a significant role in shaping economic policies and fostering cooperation among nations. This year’s summit is particularly noteworthy due to the anticipated face-to-face meeting between President Joe Biden of the United States and Chinese President Xi Jinping. The meeting holds particular importance as it is the first time the two leaders will meet in person since last November. The relationship between the United States and China has become increasingly strained in recent times, with several incidents and actions fueling tensions between the superpowers. The APEC summit also takes place against the backdrop of global turmoil, including the Israel-Hamas war and Russia’s invasion of Ukraine. These geopolitical issues add complexity to the discussions and highlight the need for economic resilience and cooperation among member nations. From an economic perspective, APEC has played a role in reducing tariffs and other barriers to trade, contributing to the growth of global commerce. However, the trade landscape has changed significantly since APEC’s inception in 1989. Today, the focus for the United States and other countries is more on economic competition with China than cooperation. The Biden administration seeks to develop partnerships with other countries in the region to diversify supply chains and reduce dependence on Chinese manufacturing imports. While APEC has its strengths in promoting collaboration and easing business relations, it has its limitations. The forum primarily focuses on trade and the economy and lacks a military component. Its efficacy lies in facilitating dialogue and initiatives among member economies rather than binding agreements. Nonetheless, APEC continues to be a significant platform for fostering economic growth and cooperation in the Asia-Pacific region. The APEC summit has faced challenges and moments of drama in recent years. The COVID-19 pandemic forced the conference to be held virtually in 2020 and 2021, with leaders gathering online instead of in person. In 2019, Chile withdrew as the host due to mass protests, and Thailand faced pro-democracy protests during its hosting in Bangkok. This year, the Israel-Hamas war may introduce additional friction, as participating nations have strong views on both sides of the conflict. Participation intrigue also surrounds the summit, with Taiwan being represented by Morris Chang, the founder of Taiwan Semiconductor Manufacturing Co., and Hong Kong being represented by Financial Secretary Paul Chan. The absence of Hong Kong Chief Executive John Lee, who is under U.S. sanctions for his role in a political crackdown, further adds to the complex dynamics of the summit. Amidst the discussions and diplomatic engagements, the APEC leaders traditionally pose together for a “family photo” at the end of the summit. This tradition has seen leaders don matching outfits, such as leather bomber jackets, Chinese jackets, ponchos, and tunics, representing the host countries. However, it remains to be seen if the tradition will continue this year, as the last time the U.S. hosted the conference, President Barack Obama opted out of the matching outfits, considering them embarrassing. As the APEC summit unfolds, the world will be watching closely to see how leaders navigate the challenges of promoting trade and economic growth in the Asia-Pacific region amidst geopolitical tensions and global uncertainties. The discussions and outcomes of the summit have far-reaching implications for the future of international trade and cooperation.