San Francisco Named Host City For 2023 Asia-Pacific Economic Cooperation Leaders’ Summit

November 26, 2022,

Can any country be comfortable with a large deficit in a trading partnership with another?

It does happen. Frequently.

As an example investopedia.com educates, “The United States imported $239 billion in goods and services in August 2020 but exported only $171.9 billion in goods and services to other countries. So, in August, the United States had a trade balance of -$67.1 billion, or a $67.1 billion trade deficit.”

So what, some might say.

Here are the effects of a trade surplus. The team at study.com shares, “A trade surplus is an economic state in which a particular country exports more goods than it imports. As a result, it also brings in more currency than it sends out.”

Like your household, a country always wants to make more money than it sends out.

When a country has a trade surplus, it isn't as necessary for its government to subsidize various industries. Less government spending in this area, at least in theory, means the government has more money to spend on domestic programs like schools, job creation and transit.

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So, when San Francisco hosts the Pacific Economic Cooperation Leaders’ Summit, given what will be discussed, that is a big deal.

We just highlighted the global trade balance in general and now since the summit will be speak to Asia, let’s focus on that in particular.

Starting with APEC.

APEC is the Asia-Pacific Economic Cooperation.

It is an inter-governmental forum for 21 member economies in the Pacific Rim that promotes free trade throughout the Asia-Pacific region.

APEC started in 1989, in response to the growing interdependence of Asia-Pacific economies and the advent of regional trade blocs in other parts of the world.

APEC aimed to establish new markets for agricultural products and raw materials beyond Europe. Headquartered in Singapore, APEC is recognized as one of the highest-level multilateral blocs and oldest forums in the Asia-Pacific region, and exerts a significant global influence.

The informative source brookings.edu adds, “APEC has scored two tangible achievements to date: a sweeping but vaguely worded 1994 pledge by its member states to open up to free trade and investment by 2010 and 2020, and a central role in the negotiation of the 1996 Information Technology Agreement (ITA).”

Given what is at stake, the innovative and forwarding thinking city of San Francisco is hosting this event at exactly the right time.

San Francisco named host city for 2023 Asia-Pacific Economic Cooperation Leaders’ Summit

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The summit will be held at Moscone Center and is expected to draw thousands of attendees from around the world to the City with an estimated $36.5 million in total economic impact

November 18, 2022

San Francisco, CA – Mayor London N. Breed today celebrated news that San Francisco has been named the host city for the 30th Asia-Pacific Economic Cooperation Leaders’ Summit, or APEC, in November of next year. The announcement was made at APEC where Vice President Kamala Harris is attending the Summit in Bangkok, Thailand. San Francisco will welcome President Biden, various chiefs of states, heads of government, and other officials from around the world.

In a letter sent to Secretary of State Antony Blinken in August, Mayor Breed made the request for the City and County of San Francisco to host the 2023 APEC Leaders' Summit. Speaker Nancy Pelosi and Senators Dianne Feinstein and Alex Padilla also submitted letters in support of the City winning the bid to host the five-day event. Mayor Breed highlighted San Francisco’s extensive economic, cultural and academic connections to the Asia-Pacific Region, including the City’s recognition as the gateway to the Asia Pacific, which has positioned San Francisco as the primary destination for foreign direct investment from Asia.

Established in 1989, APEC is an intergovernmental forum for 21-member economies in the Pacific Rim that promotes free trade throughout the Asia-Pacific region. The countries that will be represented in next year’s APEC Leaders’ Summit include the United States, Canada, China, the Philippines, Japan, Singapore and Thailand.

“We are honored to be named as next year’s host and ready to welcome leaders from around the world to our beautiful City. I want to thank President Biden and Vice President Harris for selecting San Francisco to host next year, as well as Speaker Pelosi and Senators Feinstein and Padilla for their unwavering support in this process. San Francisco has the infrastructure already in place to accommodate an event on the scale and scope of the APEC Leaders’ Summit,” said Mayor Breed. “Our economic recovery is ongoing, but our footprint is strong with over 34,000 hotel rooms, a newly renovated Moscone Center, iconic sites and cultural experiences, and a world-class culinary scene. This is an exciting opportunity for our City, its residents, workers, and visitors.”

“San Francisco has long been recognized as a gateway to the Asia-Pacific — and thanks to President Biden and Vice President Harris, we are proud to host the Leaders’ Meeting of the 2023 APEC Summit,” Speaker Nancy Pelosi said. “With San Francisco’s deep economic, cultural and academic connections to the region, I was proud to join the chorus in advocating for our City as the perfect host for this critical gathering of Asia-Pacific leaders.”

“I’m delighted that San Francisco was chosen to host the 2023 APEC Leaders Meeting and congratulate the city on its successful bid,” Senator Feinstein said. “California has long been an economic and cultural bridge between the United States and Asia, making our city the perfect choice to welcome the heads of state and other world leaders.”

“California’s climate leadership and growing economy makes it uniquely suited to host APEC,” said Senator Padilla. “I look forward to welcoming APEC leaders to San Francisco next year as we work to strengthen our economic partnerships in the Indo-Pacific region, bolster our economy, and continue to create jobs here at home.”

Each year, the San Francisco Customs District logs $100 billion dollars from two-way shipping with APEC members. Northern California firms sell an estimated $60 billion dollars of goods and services to APEC buyers. The region continues to be a source and destination for massive investment flows.

"I'm thrilled that San Francisco was selected to host APEC next November. As one of the most significant cultural, commercial, and financial hubs in the United States, San Francisco is a great choice for a gathering of economic leaders from throughout the Asia-Pacific region,” Dominic Ng, Chairman and CEO of East West Bank and President Biden's appointee as 2023 Chair of the APEC Business Advisory Council (ABAC) stated. “As ABAC Chair, I look forward to working closely with the Biden Administration, the State of California, and the City of San Francisco on a successful APEC in 2023."

“As the nation’s shining gateway to the Asia-Pacific region, San Francisco and the Bay Area are the ideal choice to host this important leadership summit,” said Jim Wunderman, Bay Area Council President and CEO. “This selection represents a ringing endorsement of San Francisco as a place of unmatched global connections, dynamic economic activity and rich cultural vibrancy. I want to applaud San Francisco Mayor London Breed and her entire Administration for their great work in securing the APEC Summit.”

Asian Americans account for about a third of San Francisco’s total population, and San Francisco has Sister City relationships with cities throughout the region, including Osaka, Seoul, Ho Chi Minh, Manila, Sydney, and Shanghai. San Francisco’s Chinatown is the first in North America and one of the largest Chinese communities outside of Asia. Additionally, the City currently hosts over 75 consulates, representing the government interests of virtually all major countries around the world. Additionally, many trade commissions have established offices in and around the City.

San Francisco is a major destination for business and tourism and leads the world in technology innovation. The City has a long history as a top destination for travel, conferences and seminars. In October, Salesforce brought Dreamforce back to San Francisco in person, attracting more than

40,000 people. The APEC Leaders’ Summit is estimated to generate nearly $37 million dollars in economic benefit to San Francisco.

“This is a big win for San Francisco” said Joe D’Alessandro, President & CEO of the San Francisco Travel Association. “APEC will bring global attention to the city, as well as thousands of international visitors that will help support our economic recovery and the hundreds of small businesses that depend on visitor dollars.”

This month Travel and Leisure magazine featured San Francisco as one of the 50 best places to travel in 2023 and the Wall Street Journal named San Francisco International Airport (SFO) the best large airport of 2022 thanks in part to the upgrade of its Harvey Milk Terminal 1, reliable flights and top-notch amenities. Virtually every major APEC city has direct or one-stop flights to SFO.

The San Francisco Bay Area has hosted major events in the past including the United Conference of Mayors in 2015, Superbowl 50 in 2016, and the Global Climate Action Summit in 2019. The last time the U.S. hosted APEC was in 2011. Additional details about the 2023 APEC Leaders’ Summit are forthcoming and will be released at a later date.