SAN FRANCISCO, US
United States President, Joe Biden on Thursday said he would keep working to advance a Pacific trade pact, even as his vision for a regional deal to counter China's influence stumbled over his bid to strengthen workers' rights.
"Our work is not yet
done," Biden told corporate CEOs in San Francisco where he attended a
summit of the 21-member Asia Pacific Economic Cooperation (APEC) forum.
"We will continue working
to better facilitate high-standard trade that advances workers' rights through
strong enforcement of labor standards."
Biden was also to take part on
Thursday in an event for the Indo-Pacific Economic Framework (IPEF), a
14-nation group his administration established.
Hopes for an IPEF trade deal
were dashed this week. Members could not agree on improving labor and
environmental standards or compliance, people briefed on the talks said.
The U.S. and its Indo-Pacific
partners need to regroup and "recalibrate" their trade pillar
negotiations early next year, Deputy U.S. Trade Representative Sarah Bianchi
told Reuters on Thursday.
Asked how long an IPEF trade
agreement could take to conclude, an administration official said most
negotiations take years but the White House intended to work on an
"accelerated timeline."
The White House started the
IPEF to bolster economic engagement with Asia after former President Donald
Trump quit a regional trade pact in 2017. Biden, a Democrat, could face
Republican Trump again in next year's presidential election, a face-off that could
impact U.S. support of multi-lateral groups like APEC or the IMF and trade
policy.
After a day of meetings, Biden
said the leaders signed a supply chain agreement to identify bottlenecks before
issues occur, such as during the height of the COVID pandemic. He also said
they concluded agreements to accelerate clean energy transitions, as well as an
agreement to combat corruption.
He also touted the launch of
an "investment accelerator" to bring in private capital for
investments in clean energy and technology.
"Government investment is
not enough," he said. "We need to mobilize private investment."
Before the APEC summit, Biden
on Thursday touted investments by U.S. companies in the region including
Amazon.com, Delta Air Lines, PepsiCo, Apple and Boeing.
He argued that continued U.S.
economic growth would buoy the entire world, an assessment challenged by the
sluggish global economy.
The International Monetary
Fund last month cut its growth forecasts for China and said overall global
growth remained low and uneven despite what it called the "remarkable
strength" of the U.S. economy. It projects 3.0% real global GDP growth for
2023.
Biden said 60% of U.S. exports
went to APEC countries, and American businesses were the largest source foreign
direct investment in those economies, committing at least $40 billion in 2023.
U.S. Commerce Secretary Gina
Raimondo said earlier on Thursday IPEF countries had agreed on several
"pillars" of the trade initiative, covering cooperation on clean
energy and anti-corruption measures. Ministers also formally signed a previously
agreed text of a third pillar, covering supply chain resiliency.
The U.S.-backed initiative is
not the only game in town. Trade ministers from the Comprehensive and
Progressive Agreement for Trans-Pacific Partnership countries on Wednesday
welcomed more members to the bloc if they can meet its standards.
An earlier version of that
trade bloc was abandoned by Trump, and under Biden, free-trade deals have been
placed on the back burner amid pressure from labor groups.
APEC members have been closely
watching developments between the U.S. and China, the world's two largest
economies and strategic rivals, concerned that ever more intense competition
could upset global trade and security.
Biden, who held a high-stakes
summit with Chinese President Xi Jinping on Wednesday aimed at steadying tense
relations, said a stable relationship between the U.S. and China was good for
the world.
He said he told Xi that he
regarded the United States as "a Pacific nation" that will remain
engaged in the region. Biden said the United States was not de-coupling its
economy from China, but "de-risking and diversifying."
"A stable relationship
between the world's two largest economies is not merely good for those two
economies but for the world," Biden said to applause. "It's good for
everyone."
Richard Adkerson, chief
executive of mining company Freeport-McMoRan Inc, with operations in Peru and
Indonesia, said he was "encouraged" by signs of improving relations
between the China and the United States, including the presidents' meeting.
"We have to wait and see
whether it's a watershed moment or not," he said.
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