APEC by the numbers: Three-fifths of the world's people and two-thirds of its GDP

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APEC by the numbers: Three-fifths of the world's people and two-thirds of its GDP

Published: 01 Nov. 2025, 07:00 Updated: 01 Nov. 2025, 12:05

MICHAEL LEE
[email protected]

Audio report: written by reporters, read by AI

From Friday to Saturday, Korea welcomed leaders of the Asia-Pacific Economic Cooperation (APEC) gathering to the historic city of Gyeongju, the onetime capital of the ancient kingdom of Silla and now a showcase of the country’s cultural heritage.

Beyond the usual spotlight that comes with hosting an APEC summit, this year’s gathering in Gyeongju carries extra weight. A day after his summit with Korean President Lee Jae Myung on Wednesday, U.S. President Donald Trump held talks with Chinese President Xi Jinping, marking a rare in-person meeting between the leaders of the world’s two largest economies.

In addition to Trump and Xi, heads of state and government from around the Pacific Rim are expected to attend, shaping discussions that could influence the future course of one of the most dynamic economic regions on earth.

Founded 1989

The idea for APEC can be traced back to the mid-1980s, when the Association of Southeast Asian Nations (Asean) began hosting post-ministerial conferences that brought together officials from both developing and developed economies. Those meetings proved that regular, regionwide economic dialogue was not only possible, but also essential.

By 1986, the format had expanded to include 12 participants — Asean’s six member states and six dialogue partners — inspiring then-Australian Prime Minister Bob Hawke to call for a broader framework of cooperation during a visit to Seoul in early 1989.

Just 10 months later, Korea became one of the 12 founding members of APEC, which was formally established in Canberra, Australia. Its secretariat was later set up in Singapore to coordinate the forum’s activities and initiatives.

21 member economies

Unlike many international bodies, APEC is built around economies instead of states. Membership is open to independent economic entities, not necessarily sovereign nations, reflecting the forum’s practical focus on trade and integration rather than formal political alignment.

APEC’s 21 members include not only countries but also Hong Kong — which joined in 1991 while still a British colony — and Taiwan, which participates as “Chinese Taipei.”

Each year, leaders of all 21 economies attend the APEC Economic Leaders’ Meeting, hosted by a different member on a rotating basis. A well-known summit tradition — leaders donning attire typical of the host country — has come to symbolize the forum’s spirit of cultural exchange and informality.

APEC’s influence far exceeds its modest membership count. Together, its economies accounted for roughly 61 percent of global GDP in 2023, making it the most economically significant regional affiliation in the world.

That same year, the bloc’s combined nominal GDP surpassed $64 trillion, underscoring its central role in global growth, trade and innovation.

This year’s summit marks the third time Korea has hosted APEC — a testament to its growing diplomatic clout. The country first served as the location of a major APEC ministerial meeting in 1991, helping to lay the groundwork for the leaders’ summit format that began in 1993.

When the forum returned to Korea in 2005, the Busan Roadmap was adopted, setting out concrete steps toward the “Bogor Goals” of free and open trade and investment in Asia-Pacific.

Two decades later, the 2025 Gyeongju summit gave Korea and President Lee Jae Myung a chance to highlight the country’s leadership on issues such as digital transformation, the green economy and inclusive growth.

While both the U.S. and Chinese presidents have visited Korea before, their attendance at the APEC gathering marked their first trips to the country since Lee took office in June.

Xi’s last trip to Korea took place in 2014, when then-President Park Geun-hye was in power and relations between Seoul and Beijing were at their peak.

During Xi’s state visit to Seoul in July that year, China lent its support to Park’s call for improving inter-Korean relations, as outlined in her speech in Dresden, Germany. The two countries concluded their FTA in June 2015, and Park attended a parade in Beijing three months later to mark the 70th anniversary of Japan’s defeat in World War II.

Relations deteriorated rapidly, however, following the Park administration’s decision to deploy the U.S. Terminal High Altitude Area Defense system in southern Korea, which China claimed could be used to spy on its missile capabilities.

Following the cancellation of events planned by the Chinese Embassy in Seoul during the upcoming APEC summit period, Xi’s visit this year was characterized by less pomp than his trip 11 years ago.

Likewise, Trump’s first scheduled visit under the Lee administration was brief compared to Lee’s extensive trip to the United States in August. The U.S. president departed Korea on Thursday, before the APEC Economic Leaders’ gathering kicked off.

The 21 APEC economies are home to about 3 billion people — roughly one-third of the global population.

Three of them — China, the United States and Indonesia — rank among the five most populous countries in the world. The bloc’s demographic diversity, stretching from advanced economies like Japan and Canada to developing ones like Vietnam and Papua New Guinea, gives APEC its unique character as a bridge between different stages of economic development.

Half of world trade

Trade remains at the core of APEC’s mission. Member economies account for about half global trade, a reflection of the deeply interlinked supply chains and manufacturing networks that span from North America to Southeast Asia.

In 2024, APEC countries exported $12.2 trillion in merchandise goods, or roughly 50 percent of the world total — a measure of how integral the bloc has become to global commerce.

Tariffs slashed

When APEC was founded in 1989, the average tariff among its members was about 17 percent. Through decades of liberalization and harmonization, that figure has fallen to roughly 5.3 percent, illustrating the forum’s tangible success in promoting open markets and economic integration.

APEC Business Travel Cards

Beyond trade statistics, APEC’s influence is visible in the way people do business. The APEC Business Travel Card allows streamlined entry and visa-free access across participating economies, cutting through red tape and encouraging regional mobility. More than 340,000 cards have been issued, making it one of the forum’s most practical and popular initiatives.

Growth in 2023

According to APEC’s Policy Support Unit, the bloc’s real GDP grew by 3.5 percent in 2023, outpacing many other global regions. The figure underscores the Asia-Pacific region’s resilience and its central role in anchoring global economic growth amid uncertainty and shifting geopolitical tides.

The stakes of the APEC gathering in Gyeongju extend well beyond ceremonial photo opportunities. The forum’s founding vision — that deeper regional cooperation can foster shared prosperity — faces new challenges from rising protectionism, competition over technology and climate-related economic disruption.

For Korea, hosting the APEC summit again reaffirms its role as a bridge between developed and developing economies, and helps steer discussion toward the twin priorities of digital and green transformation.

As leaders convene under the theme “Building a Sustainable Tomorrow,” the challenge lies in translating that scale into action — not only for the prosperity of its members, but for the global economy that depends on their collaboration.

BY MICHAEL LEE [[email protected]]