San Francisco [US], November 18: U.S. President Joe Biden said he would keep working to advance a Pacific trade pact, even as his vision for a regional deal to counter China's influence stumbled over his bid to strengthen workers' rights.
"Our work is not yet done," Biden told corporate CEOs in San Francisco where he attended a summit of the 21-member Asia Pacific Economic Cooperation (APEC) forum.
"We will continue working to better facilitate high-standard trade that advances workers' rights through strong enforcement of labor standards."
Biden was also to take part on Thursday in an event for the Indo-Pacific Economic Framework (IPEF), a 14-nation group his administration established.
Hopes for an IPEF trade deal were dashed this week. Members could not agree on improving labor and environmental standards or compliance, people briefed on the talks said.
The U.S. and its Indo-Pacific partners need to regroup and "recalibrate" their trade pillar negotiations early next year, Deputy U.S. Trade Representative Sarah Bianchi told Reuters on Thursday.
Asked how long an IPEF trade agreement could take to conclude, an administration official said most negotiations take years but the White House intended to work on an "accelerated timeline."
The White House started the IPEF to bolster economic engagement with Asia after former President Donald Trump quit a regional trade pact in 2017. Biden, a Democrat, could face Republican Trump again in next year's presidential election, a face-off that could impact U.S. support of multi-lateral groups like APEC or the IMF and trade policy.
After a day of meetings, Biden said the leaders signed a supply chain agreement to identify bottlenecks before issues occur, such as during the height of the COVID pandemic. He also said they concluded agreements to accelerate clean energy transitions, as well as an agreement to combat corruption.
He also touted the launch of an "investment accelerator" to bring in private capital for investments in clean energy and technology.
"Government investment is not enough," he said. "We need to mobilize private investment."
Source: Fijian Broadcasting Corporation
