Prime Minister Anthony Albanese has concluded meetings with Asia-Pacific Economic Cooperation (APEC) economic and business leaders at the APEC Summit in San Francisco.
The forum’s theme, Creating a Resilient and Sustainable Future for All, is one Australia actively supports.
Leaders came together to discuss sustainable growth, trade and investment in the face of growing food insecurity, rising energy prices, inflation and cost of living pressures.
Prime Minister Albanese joined other economic leaders to endorse the 2023 Golden Gate Declaration which advances a number of sustainable and inclusive trade initiatives.
The declaration sets out how APEC will advance initiatives in trade facilitation, services trade, digital trade, climate mitigation, agricultural sustainability, and gender equality and inclusion.
Leaders reaffirmed commitments to keep trade open and address supply chain disruptions, accelerate efforts towards clean, sustainable and inclusive energy transitions, and boost women’s economic participation.
With one in four Australian jobs being in export sectors, keeping trade free and open is crucial for Australian prosperity and growth. During the meeting, Prime Minister Albanese raised the pressures facing Australians and our region, the opportunities of the clean energy transition and the importance of trade liberalisation.
In the sidelines of the meeting, Prime Minister Albanese met with Indo-Pacific Economic Framework (IPEF) Leaders to welcome signature of a first-of-its-kind supply chain agreement and the substantial conclusion of negotiations on a ground-breaking clean economy agreement and an innovative fair economy agreement.
Australia will continue to work with IPEF members to negotiate on the Trade Pillar in 2024 and we look forward to conclude an ambitious agreement as soon as possible.
IPEF is a modern trade agreement actively supporting trade and investment in our region and strengthening the region’s economic foundations.
The Prime Minister also joined other IPEF Leaders to announce a Critical Minerals Dialogue to assist the region in transitioning to clean energy. As a major supplier of critical minerals, Australia will play a crucial role in building the region’s supply chains as it undertakes this energy transition.
Prime Minister Albanese met with APEC Business Advisory Council leaders to support the rules-based multilateral trading system, progressing inclusive and facilitative trade, supply chain resilience and advancing sustainability and alignment of digital economy governance.
Playing a leading role in APEC is key for Australia to foster strong international partnerships focused on addressing issues that affect Australians.
On the sidelines of the APEC Summit, the Prime Minister also met with a range of APEC Leaders to discuss bilateral relationships and ways in which we can work more closely to tackle global challenges and embrace opportunities to create jobs and economic growth in our region.
Quotes attributable to the Prime Minister:
“I thank President Joe Biden and the United States for hosting APEC this year.
“The global economic environment directly affects Australian households which is why it’s crucial we contribute to global discussions on easing cost-of-living pressures.
“We must work together with member economies and the private sector to ease economic pressures for our region to achieve APEC’s objective of inclusive and sustainable growth.
“I welcomed the opportunity to engage with economies and businesses from across the region on the new digital and climate markets, and opportunities for greater collaboration.
“APEC’s focus on practical action is pivotal in supporting an open trade and investment environment. And open trade is essential for Australian jobs.”
