APEC members benefit from trade liberalization
Updated: 2011-11-11 16:45
OTTAWA - Efforts made by the Asia-Pacific Economic Cooperation (APEC) forum to further liberalize trade and investment benefit all member economies and contribute to strengthening the global economy, Canadian Prime Minister Stephen Harper said Thursday.
"Canada's growing commercial ties with the Asia-Pacific region are generating jobs and economic growth here at home," Harper said.
The prime minister made the remarks before leaving for Honolulu, Hawaii, to attend the annual APEC Leaders' Meeting Saturday and Sunday.
APEC member economies include Australia, Brunei, Canada, Chile, China, China's Hong Kong, Indonesia, Japan, Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Chinese Taipei, Thailand, the United States and Vietnam.
Since APEC's founding in 1989, it has grown to encompass 21 members spanning four continents. It represents the most economically dynamic region in the world, accounting for approximately 40 percent of the world's population, around 50 percent of the world's GDP and about 44 percent of world trade.
Total two-way trade between Canada and other APEC member economies grew from 374.6 billion Canadian dollars (about $382.09 billion) in 1994 to 654.4 billion Canadian dollars (about $667.49 billion) in 2010, with an average annual growth rate of 3.5 percent.