XI-BIDEN MEETING “VERY IMPORTANT MOMENT” APEC SUMMIT IN SAN FRANCISCO – Aggarwal said he expects Yellen will raise a number of issues in this meeting
Leaders from the 21-member Asia-Pacific Economic Cooperation forum will meet in San Francisco this month for the 30th APEC summit, the first hosted by the United States since 2011. Like most international gatherings, APEC has become a stage for strategic competition between the U.S. and China, the world’s two largest economies, and all eyes will be on an expected bilateral summit on the sidelines between the U.S. President Joe Biden and Chinese President Xi Jinping.
The Treasury said meetings will also convene the new economic and financial forums launched in October by the Treasury and China’s finance ministry and central bank.
Aggarwal said he expects Yellen will raise a number of issues in this meeting as a warm-up for the Biden-Xi meeting. APEC membership covers 38% of the global population, or nearly 3 billion people, about 62% of GDP, and almost half of global trade. APEC says it operates on the basis of non-binding commitments, open dialogue and equal respect for the views of all participants. Decisions are reached by consensus and commitments are undertaken on a voluntary basis.