CNBC reports that World Economic Forum President Borge Brende said that the Joe Biden administration’s latest moves to rejoin global pacts and organizations are likely to be welcome ones for the Davos community. Still, the U.S. is far from “out of the woods” on its own domestic challenges and its battle with the coronavirus pandemic.

“Already, there are new signals from the U.S. administration on the climate side, re-entering the Paris Agreement, but also looking at how the U.S. can be turned into a low carbon economy are major, major steps. These plus the administration’s decision to halt the country’s withdrawal from the World Health Organization are “well received,” Brende said. 

“But we are still in a situation where there (are) geopolitical confrontations,” the former Norwegian minister said, speaking ahead of the WEF’s Davos Agenda summit this week, which is being held virtually. “There is a fractured world, we’ll see how the U.S.-China relationship will develop in the years to come.”