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.

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:



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