WASHINGTON, D.C. – United States Trade Representatives Susan C. Schwab will attend the Asia-Pacific Economic Cooperation (APEC) summit meeting in Sydney, Australia September 3-9.  There she will meet with trade and foreign ministers in order to advance regional and global efforts to open trade and investment flows.

“APEC members are at the cutting edge of economic transformations that are shaping international commerce and investment.  Together they account for 60 percent of the global GDP and 46 percent of global trade,” said Ambassador Schwab.  “This meeting is an important opportunity to take steps to sustain the economic dynamism in the Asia-Pacific region and promote global economic growth by spurring the World Trade Organization Doha Development Round negotiations to a successful conclusion.  I also look forward to further conversations about our regional economic integration initiatives.”

In July, Ambassador Schwab met with APEC trade ministers in Cairns, Australia and discussed the long-term APEC goal of a Free Trade Area of the Asia-Pacific (FTAAP).  The trade ministers also conferred on APEC’s effort to strengthen intellectual property rights protection and enforcement, promote high-quality free trade agreements, and facilitate the flow of goods, services and investment throughout the region.  The meetings in Sydney will provide an opportunity to build on the bilateral and multilateral progress made earlier this summer. 

The United States exported $645 billion in goods to APEC economies in 2006 and the Bush Administration continues to deepen and strengthen U.S. trade ties in the Asia-Pacific region.  Most recently, the United States signed a landmark Free Trade Agreement with Korea on June 30 and concluded a Trade and Investment Framework Agreement with Vietnam on June 21.   This fall, the U.S. Congress is scheduled to take up the free trade agreement the United States and Peru have concluded.

Background:

Founded in 1989, APEC has been a leader in global trade and investment liberalization and facilitation and the driving force behind WTO initiatives on information technology and trade facilitation.  APEC played a crucial role in putting the Doha Round back on track after the 2003 Cancun Ministerial.

APEC economies account for 2.7 billion consumers, approximately 60 percent of world GDP, and roughly 46 percent of global trade.  Over 60 percent ($645 billion) of U.S. goods exports went to APEC economies in 2006.  In addition to the United States, other APEC members include Australia, Brunei, Canada, Chile, China, Hong Kong, China; Indonesia, Japan, Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Chinese Taipei, Thailand and Vietnam.

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