APEC Brings Global Leaders to California
November 16, 2023
by Maria S. Salinas
This week San Francisco welcomed the Asia-Pacific Economic Cooperation (APEC), which is a regional economic forum, that represents 21 interdependent economies, in the Asia-Pacific region. APEC provided a premiere platform for California and the U.S. to promote free global trade, grow regional investment, and advance sustainable and inclusive economic growth. President Joe Biden, Chinese President Xi Jinping, Canadian Prime Minister Justin Trudeau, and several more foreign dignitaries met to discuss key issues
Concurrently, the APEC CEO Summit is also being held in San Francisco and brings CEOs and entrepreneurs together with government leaders for a dialogue on global opportunities and challenges. East West Bank Chairman & CEO Dominic Ng serves as Chair of the APEC CEO Summit, which focuses on sustainability, inclusion, resilience, and innovation. The summit featured remarks from President Biden, Commerce Secretary Gina Raimondo, Governor Gavin Newsom, and many private sector leaders.
One highlight of this week’s events was U.S. Treasury Secretary Janet Yellen’s keynote address at the opening CEO dinner. She highlighted equity and sustainability, and remarked how the only way we can reach the full potential of the Pacific Rim economies is through reducing inequality. She also noted the important role of the private sector to partner with government to build stronger resilient economies. Secretary Yellen highlighted how sustainability is integral to our long-term success, as APEC economies are vulnerable to climate change. An energy transition to net zero carbon emissions is required, and that must begin with the harnessing of private sector investment.
California and the Los Angeles region are a part of a dynamic global economy, where collaboration with other countries is essential for economic growth. The APEC discussions are relevant and important to Los Angeles as the interdependencies are felt throughout our region.
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