Since its inception in 1989, the APEC region has consistently been the most economically dynamic part of the world. In its first decade, APEC Member Economies generated nearly 70 percent of global economic growth and the APEC region consistently outperformed the rest of the world, even during the Asian financial crisis.
APEC Member Economies work together to sustain this economic growth through a commitment to open trade, investment and economic reform. By progressively reducing tariffs and other barriers to trade, APEC Member Economies have become more efficient and exports have expanded dramatically.
Consumers in Asia-Pacific have both directly and indirectly benefited from the collective and individual actions of APEC Member Economies. Some direct benefits include increased job opportunities, more training programmes, stronger social safety nets and poverty alleviation. More broadly however, APEC Member Economies on average enjoy lower cost of living because reduced trade barriers and a more economically competitive region lowers prices for goods and services that everyone needs on a daily basis, from food to clothes to mobile phones.
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