Economics and Trade

Since its inception in November 1989, APEC has grown from an informal dialogue of 12 Pacific Rim economies to a major regional institution with 21 members, accounting for about 40 percent of the world's population, about 56 percent of the world's gross domestic product, and about 48 percent of world trade.

President George W. Bush stands with Southeast Asian Leaders at APEC Business Summit, Sydney, Australia

Ministerial meetings take place annually and the chairmanship rotates among the members. Australia currently holds the APEC chair and is hosting ministerial and leaders' meetings in 2007.

The United States works closely with APEC and sees it as an important part of U.S. engagement in the Asia-Pacific region. In the U.S. view, APEC is the most promising forum for achieving a more open regional economy, encouraging economic growth, and fostering prosperity and opportunity throughout the region.

APEC remains America's primary vehicle for advancing both economic cooperation and trade and investment liberalization in the Asia-Pacific region.

Current APEC member economies are:

(Source: Internatonal Information Programs, Department of State.)

"APEC nations are supporting the advance of freedom in this region. Indonesia, Malaysia, and Singapore helped lead the effort to include democratic and human rights principles in the ASEAN Charter. Japan has incorporated democracy and governance programs into its official development assistance. South Korea hosted an historic gathering of the world's free nations, the Community of Democracies summit. These are important steps -- and now we must build on them by forging new regional institutions to encourage the continued expansion of freedom in this vital part of the world. And so this week, the United States is proposing the creation of a new Asia Pacific Democracy Partnership. Through this partnership, free nations will work together to support democratic values, strengthen democratic institutions, and assist those who are working to build and sustain free societies across the Asia Pacific region."

- President George W. Bush, Remarks at APEC Business Summit, 9/7/07

• Fact Sheet: Asia-Pacific Economic Cooperation (APEC) 2007, White House, September 9, 2007
• Fact Sheet: U.S. Commitment To Strengthen Forces of Freedom, Prosperity in Region, USINFO, Department of State, September 7, 2007
• President Bush Attends APEC Business Summit, September 7, 2007
• Asia-Pacific Defense Ties Have Benefited Democracies, Commerce, USINFO, Department of State, September 10, 2007

• White House, APEC 2007

• Bureau of East Asian and Pacific Affairs, U.S. Department of State

Organizations

• Official Asia Pacific Economic Cooperation
• APEC Business Advisory Council
• 2007 Annual Chair Web Site - Australia
• APEC Action Plans
• Secure Trade in the APEC Region (STAR)
• U.S. National Center for APEC

Links

• Secretary Rice: Travel to Australia With President Bush for APEC Summit
• Archives: APEC 2006, Hanoi, Vietnam at White House
• Archives: APEC 2005, Busan, Korea at White House