APEC Region Economic Growth Leads the World

Australia's Minister for Trade Warren Truss has released a report showing the APEC region's Gross Domestic Product (GDP) has increased three-fold to $37.3 trillion since the start of APEC in 1989.

"It is a massive level of economic growth that has delivered benefits to almost 3 billion people in the region," Mr Truss said.

Mr Truss said figures compiled by the Department of Foreign Affairs and Trade showed that between 1989 and 2006, APEC's per capita GDP had risen much faster than the rest of the world.

In 1989, APEC economies had a per capita GDP of $5,205 which was on par with the world average. In 2006, its per capita GDP was almost $14,000, compared with $10,305 for the world's average.

"APEC has advanced because it has opened itself to the benefits of free trade and investment, and has reduced tariffs, embraced technology and improved its productivity and competitiveness in global terms," Mr Truss said.

The report notes that for the host of APEC in 2007, trade in goods and services between Australia and APEC members has increased 14 per cent to $294 billion in 2006 and accounted for 69 per cent of Australia's trade with the world.

"On average, our trade in goods and services with the APEC region has increased 7.5 per cent every year since 1989, rising during that period from $81.6 billion to $294 billion," Mr Truss said.

"This extraordinary growth has provided jobs and prosperity not just for Australians, but for people in every APEC economy.

"Over the next week, we must make every effort as a regional forum to continue that momentum, particularly in core areas of economic liberalisation and structural reform" he said.

The APEC Region Trade and Investment is one of a series of statistical publications released each year by DFAT.

The report is available for download at: www.dfat.gov.au/publications/stats.html