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What is APEC and why does it matter to you? [1]
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Date: 2024-11-14 17:06:02+00:00
Asia-Pacific Economic Cooperation (APEC) brings together 21 economies to collaborate on strengthening trade and development. APEC’s members represent nearly 40 percent of the world’s population, almost half of global trade and about 60 percent of global gross domestic product — over $63 trillion.
Given this size and influence, it’s important for APEC members to work together on key issues like trade, investment and sustainability. APEC provides a platform for this collaboration, creating a more open, resilient and peaceful economic community.
In a world full of unexpected changes, APEC’s work helps strengthen our economic, trade and investment policies. This means that when disasters, pandemics or recessions strike, people, communities and industries can recover faster and stronger.
How APEC benefits everyday lives
APEC works to improve lives and create more opportunities across the Asia-Pacific by:
Ensuring trade and investment benefit everyone — workers, women, small businesses and underserved communities — by including diverse groups in policy decisions.
Helping economies tackle climate change through innovative technology, targeted investments and smart policies.
Making it easier for economies to adapt and thrive together by aligning regulations, using digital tools to streamline trade and solving supply chain challenges.
These efforts mean the benefits of trade and investment — better jobs, stronger communities and a brighter future — are shared by everyone throughout the region.
The role of the United States in APEC
The United States has been a key player in APEC since it started in 1989. As the group’s largest economy, the U.S. helps set high standards for economic practices that benefit both Americans and APEC’s partner economies.
Through APEC, the U.S. works to make trade and investment easier, promote sustainable and inclusive economic growth, and ensure everyone has a fair chance in the market.
“The United States has deep ties with our fellow APEC economies,” President Biden said, speaking at the U.S.-hosted APEC CEO Summit in 2023. “More than 60 percent of U.S. exports go to fellow APEC economies. Robust, two-way investment between the United States and APEC countries supports good jobs and new opportunities all across the region.”
Why APEC matters in a global economy
In today’s interconnected world, APEC’s work touches everyday life — shaping how we live, work and trade.
Speaking at APEC in 2023, U.S. Secretary of State Antony Blinken outlined the United States’ vision for promoting inclusive growth, advancing sustainability and building resilience in the Asia-Pacific region.
The United States supports a region “where economies are free to choose their own path and their own partners; where problems are dealt with openly; where rules are reached transparently and applied fairly; where goods, ideas, people flow lawfully and freely,” he said.
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