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Regionalism in APEC : The Gains for U . S . Agriculture Differences and Similarities Between APEC and the WTO

The Asia Pacific Economic Cooperation (APEC) forum is made up of 21 diverse Pacific Rim economies (table 1), including the United States, and represents a significant regional market for U.S. food and agriculture trade. In FY 1997, the APEC region accounted for more than 60 percent of U.S. agriculture and food exports and 50 percent of imports. Over the past 10 years, APEC has accounted for practically all the growth in U.S. non-bulk exports. The region covers North America, East Asia including China, Southeast Asia, Oceania, and Chile. Russia, Vietnam, and Peru joined in 1998, increasing the membership from 18 to 21 economies. APEC, initiated in 1989, has a relatively short history. It is an outgrowth of other loose-knit fledgling Pacific Rim institutions, the most influential being the business-oriented Pacific Economic Cooperation Council (PECC), founded in 1980 by Australia and Japan. (See box for a comparison of APEC and the WTO.)