The Asia-Pacific Economic Cooperation (APEC) summit in San Francisco concluded on Friday local time.

In the summit's concluding remarks, U.S. President Joe Biden said that America's commitment to the Asia Pacific is unwavering, and emphasized the importance of the region.

Biden praised what he called a productive summit even joking about extending the summit for five more days.

The U.S. President also officially passed the chair of APEC to Peruvian President Dina Boluarte.

Boluarte said her country will be ready to welcome APEC members in 2024 to build on what they've been doing for many years. 

This is the first APEC summit held in the United States in 12 years. The gathering took place against the backdrop of two ongoing wars in Ukraine and the Middle East.