Asia-Pacific Economic Cooperation (APEC) Summit: Biden and Xi Jinping’s Rival Bids for Influence
Image Source: NEWS18
President Joe Biden recently hosted the annual Asia-Pacific Economic Cooperation (APEC) summit in San Francisco, gathering leaders from 21 countries in a significant bid to reduce tensions and compete for influence in the region. This marked the second in-person dialogue between Biden and Chinese President Xi Jinping since Biden’s assumption of office.
APEC serves as a platform to promote trade, investment, and economic development across the Asia-Pacific region, counting 21 member nations that contribute nearly 40% of the global population and half of the world’s trade.
The summit, occurring against a backdrop of strained relations between China and the US, aimed to enhance resilience among APEC economies, particularly in light of climate issues and post-pandemic supply chain strains. Key attendees included Japan’s PM Fumio Kishida, Canada’s PM Justin Trudeau, and Indonesia’s President Joko Widodo.
The focal point of the summit was the efforts by the US and China to gain influence across this dynamic region. Biden’s aim in meeting Xi was to restore normal communication between the two nations while acknowledging that their interests can conflict. The leaders notably initiated their face-to-face interaction with a firm handshake, symbolizing their intent to find common ground.
While China has been extending infrastructure and loans through its “Belt and Road” initiative, the US is concentrating on fortifying alliances via trade agreements. The Indo-Pacific Economic Framework for Prosperity (IPEF), aiming to connect the US with like-minded democracies, has faced hurdles due to domestic political opposition.
Regarding India’s absence from APEC, despite efforts in 1991 to join the group, reservations among certain member nations about India’s economic stance and a membership freeze led to its exclusion. Although India remains an observer since 2011, Union Minister for Commerce and Industry Piyush Goyal represented India at the APEC summit, reinforcing its ties with the region.
APEC, since its inception, has focused on reducing trade barriers and fostering economic liberalization, successfully promoting cooperation among its member economies. However, the current trade landscape, especially concerning US-China competition, challenges APEC’s historical approach, as the US prioritizes economic rivalry over cooperation.
Biden’s intent is to foster partnerships in the region to counter Chinese manufacturing imports, reflecting a shift in focus from cooperation to strategic economic competition.
The summit concluded with discussions on APEC’s efficacy in today’s global trade scenario, highlighting its role in past tariff reductions but raising questions about its effectiveness amid evolving trade dynamics.
Team Profile
- News Writer
- Harshit Tokas is a Political Science and International Affairs Post-Graduate with a passion for understanding and analyzing complex political landscapes. Skilled in research, data analysis, and policy development. Eager to contribute his knowledge and insights to drive positive change.
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