United States and The Asia-Pacific Economic Cooperation (APEC)

The Asia-Pacific Economic Cooperation (APEC) forum has been instrumental in promoting regional and global trade and investment since it was founded in 1989.
APEC has 21 members - referred to as "Member Economies" - which account for 41 percent of the world's population, 54 percent of the world's total GDP and 44 percent of the world's trade. APEC countries consist of Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Taiwan, Thailand, United States and Vietnam. Since 1994, U.S. exports to APEC economies increased by 137 percent.

In 2008, U.S. goods trade with the APEC economies totaled $2.1 trillion, up 7 percent from 2007. U.S. Services trade with the APEC economies totaled $287 billion in 2007.
APEC has provided a forum for leaders to meet annually since 1993, when APEC leaders first met at Blake Island in the United States. The United States will host APEC again in 2011.
The United States worked closely with Peru, the APEC Chair in 2008, and other APEC economies in pursuing an ambitious trade and investment liberalization agenda with an eye toward reducing barriers to trade and facilitating the movement of goods and services in the region.

In 2008, APEC took steps to address the current global financial turmoil, to advance the World Trade Organization Doha Development Agenda (WTO/DDA) negotiations, to promote regional economic integration, to set high standards for FTAs, to spotlight the need for work on intellectual property protection and enforcement, to strengthen the safety of traded goods, ro expand work on the environmental goods and services sector, and to facilitate trade in information and communications technologies.

The United States will work with Singapore, the APEC Chair in 2009, to build on these initiatives and to take further concrete steps to promote economic integration in the Asia-Pacific region.

U.S.-APEC Trade Facts
U.S. goods and services trade with APEC countries totaled $2.0 trillion in 2007 (latest data available). Exports totaled $871 billion; Imports totaled $1.3 trillion. The U.S. goods and services trade deficit with APEC countries was $482 billion in 2007.
The United States has a $2.0 trillion in total (two ways) goods trade with APEC countries during 2008. Goods exports totaled $747 billion; Goods imports totaled $1.3 trillion. The U.S. goods trade deficit with APEC countries was $529 billion in 2008.
Trade in services with APEC countries (exports and imports) totaled $287 billion in 2007 latest data available). Services exports were $175 billion; Services imports were $112 billion. The U.S. services trade surplus with APEC countries was $63 billion in 2007.