The Asia-Pacific Economic Cooperation (APEC), is a big deal, and this is why you should care.
About 50% of all world trade happens between the 21 economies that are part of the APEC. These economies represent about one third of the planet’s population and nearly two-thirds of global GDP.
Chances are, some part of every product you buy, or sell, is somehow associated to one of these economies.
And CEOs from some of the world’s largest companies are here meeting in their own summit, with sustainability being one of their four pillars. Many hope to see these corporations coordinate efforts to do more to protect the environment. A seed planted at APEC could grow to a new computer or other useful product with a smaller environmental footprint and made with more sustainable practices.
Another substantial outcome of this summit could affect the cost of goods from China to the U.S. Right now, prices of many Chinese goods are inflated here, partly due to Trump-era tariffs. The U.S. wants to see a more balanced trade surplus, while China would like an end to those tariffs and the cancellation of the U.S.-led chip ban.
Global safety is also an important topic to consider.China and the U.S. have not had military-to-military contact for over a year. The White House said it wants to leave APEC with that avenue of communication back open. Because without communication, a misunderstanding can turn into a conflict, and then even a war.
China urged the U.S. to honor its promises from President Joe Biden, including not supporting Taiwan independence.Lastly there’s the tech. Topics like International AI regulations and digital currency are all on the table.
APEC is an economic forum, BUT it’s also an opportunity for these leaders to talk, and these conversations could have positive outcomes for us all.