U.S. and Taiwan (2009)

U.S. Department of State

The Future of APEC

Kurt Tong
Acting Senior Official for APEC , Bureau of East Asian and Pacific Affairs
Testimony Before the House Foreign Affairs Subcommittee on Asia, the Pacific and the Global Environment
Washington, DC
October 14, 2009

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Why is APEC important?

APEC is strategically important to the United States because it is a primary venue for multilateral engagement with the Asia-Pacific on economic and other key interests. APEC's growing economic importance is clear. The 21 APEC members account for 55 percent of world GDP; 45 percent of global trade; and 40 percent of the world's population. Sixty percent of U.S. goods exports go to APEC economies. Five of America's top seven trade partners are APEC members.

Moreover, the Asia-Pacific economies are leading the global recovery, with recent forecasts suggesting that emerging Asian economies could grow by at least 5 percent in 2009 while the G-7 economies contract by 3.5 percent.

APEC is the only forum in the region that meets annually at the head of state level and includes the United States, providing our country a crucial opportunity to lead as a full member of the Asia-Pacific region. APEC brings together senior and working level officials, including from both China and Taiwan, several times every year to tackle an array of important issues in practical ways. APEC's partnership with the region's private sector -- including many of its leading companies -- ensures that its initiatives are focused, constructive, and of tangible benefit to U.S. businesses.

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