Taiwan envoy says he's hopeful Biden-Xi meeting will reduce tensions in the Asia-Pacific region

Biden met with several of his counterparts and outlined a vision of friendship and collaboration. His most important meeting was with Chinese President Xi Jinping.

The encounter overshadowed the rest of the Asia-Pacific Economic Cooperation summit, and it produced agreements on curbing fentanyl and improving dialogue.

Morris Chang, the businessman who represented Taiwan at the summit, expressed hope on Friday that the meeting would help to reduce tensions between the two superpowers and in the region.

Chang also suggested the meeting could help to promote economic stability and reliable supply chains.

“You don’t have to be a leader to know that if there is no peace, there is no supply chain to start with,” Chang said at a news conference.

He added that the Biden-Xi meeting was a “good” one, pointing to their agreement to resume high-level military communications.

“It should help reduce the tensions between the US and China, and it should increase the stability of the Taiwan Strait,” Chang said.

US commitment to Asia Pacific is 'unwavering'

During the summit, Biden said America's commitment to the Asia Pacific is "unwavering" and "essential".

Biden was addressing the Leaders Retreat on Friday, and passed on the ceremonial torch to Peruvian President Dina Boluarte, as Peru will host the summit next year.

"Over the last few days we've worked together, and I think that's not hyperbole, we've worked together to find ways to build an inclusive, resilient and sustainable economies for the Asian Pacific," Biden said.

The US President announced the launch of the Women in the Sustainable Economy Initiative.

"I challenge us all to find new ways we can seize the full potential of all of our people," he said.

Biden also addressed the threats from rapidly changing technology such as artificial intelligence and urged members to work together to "make sure it changes for the better."