 think about it. It's never been a good day. And we're proving it once more. So I'm impressed that all of you here today is leaders of government and industry can count on the United States. We're delivering on our promises and we're doubling down on our progress. And we'll soon be, we'll soon be your strong and steady partner as we continue working together to realize the Asian Pacific region that is free and open, prosperous and secure, resilient and connected. By the way, twice since I've been president, I've had the leaders of the Asian Pacific Islands come to meet with the United States. We're all part of it. I thought when I left the G20 and Vietnam desperately wanted to see me and raised the relationship, it brought me back when I stood in front of that monument to John McCain. All my days growing up, I never thought that would ever occur. Today, I'd like to talk a little about the work we've done in the region to get there about seeing this road forward. I've said for a long time, the United States is a Pacific power. I had that brief discussion yesterday with President Xi. He asked why we so, he had asked me before, I reminded him why we're so engaged in the Pacific. It's because we're a Pacific nation. Because of us, there's been peace and security in the region allowing you to grow. He didn't disagree. I thought it was a very good straightforward meeting. We aren't going anywhere. For decades, America's enduring commitment to the region has been a springboard that's enabled growth, transformative growth. Ensure the open flow of commerce with the millions of people out of poverty. Today, that relationship goes both ways. The United States remains vital to the future of the region. The region is my administration's outlook from day one. And we have clearly laid out our approach to our inner-city strategy. We're delivering across the board, including when it comes to our shared economic agenda. The United States has deep ties with our fellow APEC economies. More than 60 percent of US exports go to fellow APEC economies. Robust two-way investment between the United States and the APEC countries supports good jobs and new opportunities all across the region. And American businesses, significantly represented here in this auditorium, are the largest source of foreign direct investment in the APEC economies. In fact, we take just the US companies represented here at this summit and look at their new investments APEC economies in the calendar year, a total more than $50 billion announced today from companies like Amazon, United, Delta, Microsoft, to make sure our region is more inclusive and interconnected. Investments announced today from companies like Boeing, Apple, Flexport, PepsiCoal, or Pepsi Company, I should say, to make our economies cleaner and more sustainable. Investments today from companies like IBM, Organon, Visa. Look, they make up, they make our region more resilient and they all make it more secure. Here in this world, this world-renowned hub of innovation, many tech companies like Anthropoc, it's better not to try and not mispronounce and try and mispronounce. The point is, small, medium-sized businesses start up from getting into the accident as well. All the announcements translate into real country, real outcomes that matter to people's lives. The proof of a strong, dynamic American economy is an engine of growth, economic growth innovation throughout the entire region. And attesting to the fact that American investment, American ingenuity are in high demand all across the region. Because when you do business with the United States and our companies, you know what you're getting. High standards, fair practices, protections for workers, world-class ideas and innovation and a commitment to deal with the environment. Finally, it's a quality guarantee. Look, this is how we've been able to mobilize, put it in investment, including major new announcements this morning for our partnership for global infrastructure investment. We also work closely to deepen our bilateral economic cooperation with partners throughout the region, especially on the issues that will most impact our future economic success. For example, in September, when I traveled to Vietnam, as I mentioned earlier, to mark the historic new phase in our partnership of our countries, we committed to work together to strengthen the semiconductor supply chain. With India, Japan, Republic of Korea and Singapore, we've launched new initiatives to shape the technology and the standards that will transform the future. We've deepened economic partnership with the Philippines, Indonesia, Australia and others. We've renewed and elevated our engagement with critical regional bodies, including Oceana and Pacific Island Forum. And when we offered to host APIC two years ago, we committed to modernizing this institution to make it easier for us to work together and to take on the challenges of new era. We're going to see more changes in the next 10 years than we've seen in the last 50 years. That brings me back to the summit where we go from here. The world is fundamentally different than it was 30 years ago at the first annual APIC leaders' meeting at Blake Island in Washington State. The questions we must answer today are not about how much we trade, but about how we build resilience, lift up working people, reduce carbon emissions, and set up our economies to succeed over the long run. How to deliver growth from the bottom up and middle out so no one gets left behind. The idea behind this new Indo-Pacific economic framework, a partnership of 14 diverse and dynamic nations, all committed to tackling urgent issues like pandemic response, vulnerable supply chains, climate change, natural disasters, which we've learned can greatly impact our economies. We announced the framework in May of 2022. Later today, we're launching an important new tool to promote sustainable economic growth and create a race to the top at the bottom. We're tangible commitments that we've negotiated in record time that are going to deliver meaningful outcomes, meaningful outcomes to make supply chains more resilient, facilitate clean energy transition, and fight corruption. For example, a new supply chain agreement will allow us to better monitor our supply chain channels before they become a kind of full scale disruption we saw during the COVID-19 pandemic. And I'm sure we're better prepared to shift and adapt when disruptions do occur, and they will. I know you all know better than I, our work is not yet done. This framework will be a platform for ongoing economic cooperation. We will continue working to better facilitate high standard trade. And advances work with rights with strong enforcement of labor standards. And every step, at every step, we have held our commitment to unions. Each of the framework pillars include strong pro-labor outcomes that will benefit workers of all economies. It's critical to building a stronger, fairer, more resilient economy for families across the Indo-Pacific. This week, my administration has launched our new global labor strategy to ensure that workers' rights are a centerpiece for economic strategy internationally, as well as domestically. That's a primary concern to me. Last week in Illinois, we congratulated the UAW on the record contract with the big three U.S. auto companies. The contracts can lead to thousands of new jobs, billions of dollars in planned investment to keep American auto industry strong and competitive, and urge any company investing in America, and enter into partnership with the most highly skilled, dedicated, engaged workers anywhere in the world, American labor. And folks, I asked the Treasury Department to do a study. And labor does well. What does that do to people, all other non-labor folks around the country? Everyone benefits. And by the way, the reason many of you use labor is because they're the best workers in the world. Unions. It's not like you show up one day saying I want to be an electrician. You show up one day and say you've got five years to practice. And then you get a car. I'm also intent on responsibly managing the competition between the United States and the people of the Republic of China. That's what we talked a little bit about yesterday, President Xi. That's what the world expects of us. And I promise you that's what we're doing. I met with Xi yesterday, leader to leader, make sure there's no miscommunication between us. As always, I've met with more than any other world leader because when Vice President was concluded that I should get to know him, it was inappropriate for the President of the United States to be meeting with the Vice President. We've had prior to this 68 hours of private meetings, as Xi and I each with simultaneous interpreter. Our discussions have always been candid and constructive. Again, emphasize the President Xi, the United States does not seek conflict. And yesterday, we announced resumption of military to military communication channel to reduce the risk of accidental miscalculation. And it exists. This is not as my generation would say back in the day. It's not all kumbaya. But it's straightforward. It's straightforward. We have real differences in Beijing when it comes to maintaining fair and level economic plan for you and protecting your intellectual property. We continue to address them with smart policies and strong diplomacy. Also taking targeted action to protect our blood and national security interests. Let me be clear. We are de-risking and diversifying our economic relations with PRC, not decoupling, not decoupling. We'll be firm, standing up for our values and our interests. And I was very straightforward as he was with me yesterday. At the same time, and critical global issues such as climate, AI, countering our colleagues or make sense to work together, we've committed to work together. We're going to continue our commitment to diplomacy, avoid surprises, prevent misunderstandings. A stable relationship between the world's two largest economies is not merely good for the two economies but for the world. A stable relationship. It's good for everyone. Let me close with this. The leader statement from that first Lake Island summit 30 years ago captured a shared commitment to quote, deepening the spirit of community and to quote among our economies. For all this change over the past three decades, we have to continue to summon the spirit of community to meet the challenges today and to seize the enormous possibilities that exist. Our staff is tired of having to say this for the last, I don't know how many years. The world is at an inflection point where the decisions we make today, this is not hyperbole, are going to shape the direction of the world for decades to come, for decades to come. Let's think of AI. That's particularly true in the Asian Pacific. We're so much in the future of our world when we're written. I would argue each of us has a part to play in writing that future together. So today, I challenge all of us to measure our successes not based on the bottom line of our balance sheets, but the lives we lift up through investments, potential we unleash with our innovation, the ability to talk about it. Let's build a global economy where everyone has a chance to succeed and workers at a fair shot, a fair share of the value they create. The United States is stepping up because of many of you in this room. We're not talking to talk, we're backing it up with commitments. We're going to see us follow through. We want to thank you again for joining us in San Francisco. Thank you for your commitment a pic in the future of Pacific region. Thank you for everything you've already done to make this summit a success. We can do more. God bless you all. Thank you.