APEC Senior Officials Address Economic Challenges Ahead of Trade Ministers’ Meeting

APEC senior officials are laying the groundwork for advancing broad-based economic prosperity through trade in goods and services and through investment to both enable an innovative environment for a sustainable future and affirm that all the work ensures equity and inclusivity as they convene in Detroit on Wednesday and Thursday. 

The meeting comes ahead of the APEC Ministers Responsible for Trade Meeting, which will be held on May 25-26 and lays important groundwork for ministers to consider policy directions to be carried forward by the forum.  

Showcasing the diversity of the United States, Nora Todd, the 2023 APEC Alternate Chair of the Senior Officials’ Meeting, said that hosting APEC gives an opportunity to reflect upon efforts made by APEC officials to create a resilient and sustainable future for all, which will make a difference in the region’s communities, like host cities Detroit and Palm Springs, California.  

“It was almost exactly 10 years ago that the City of Detroit filed for bankruptcy,” Todd said. “But over the last decade, the city has worked to reinvent and rebuild itself, including by becoming a leader in the development and manufacturing of electric vehicles and other innovative green jobs of the future, which of course is relevant for our sustainability focus and the Manoa Agenda.” 

The Manoa Agenda, grounded in the plans made by APEC officials in Honolulu, Hawaii at the start of the US host year, aims to advance discussion and collaboration to develop practical work within APEC to implement the Bangkok Goals on Bio-Circular-Green Economy endorsed by leaders in Thailand last year.  

“Detroit's close relationship with neighboring Canada demonstrates the importance and practical benefits of economic cooperation and connection, and indeed all the work we are doing here in APEC to promote sustainable resilient and inclusive economic growth,” Todd added. 

At the meeting, senior officials heard from the private sector through the APEC Business Advisory Council (ABAC) on their work which focuses on opportunity, equity, and sustainability to help communities respond to challenges they may face.

The APEC Policy Support Unit presented its latest economic and trade analysis at the meeting, highlighting the urgent need for policymakers to address the rising cost of living and inequality caused by high inflation, weak demand as well as supply chain disruptions. 

Also read: APEC Sees More Uneven Growth in 2023, Moderation in 2024 

The Chair of the APEC Committee on Trade and Investment also briefed senior officials on the outcomes of various technical meetings and reiterated that trade and investment have a vital role to play in the global and regional economy, including pandemic response, addressing high living costs and advancing sustainable and resilient economic growth.  

The United States shared its Digital Pacific Agenda discussion paper, which outlines efforts to implement APEC’s commitments under the APEC Internet and Digital Economy Roadmap. 

Senior officials were also briefed on plans for the Digital Month program in August, to be held on the margins of the Third APEC Senior Officials’ Meeting in Seattle. Digital Month will draw on strong support from a range of stakeholders, particularly from the private sector, to advance APEC’s work on the digital economy.

Looking ahead, the United States will host six ministerial meetings in Seattle, including disaster management, food security, health, energy, women as well as small and medium enterprises. 

For further details, please contact:

Masyitha Baziad +65 9751 2146 at [email protected]
Michael Chapnick +65 9647 4847 at [email protected]