Q: Is APEC similar to the European Community? A: No. At this point, APEC is more talk than action, but many members would like to see that change. These countries want to see APEC evolve into an economic institution that works to liberalise trade and solve trade disputes among member nations.
Q: What is happening in Seattle? A: APEC holds an annual meeting of finance or trade ministers. The United States is hosting this year's session in Seattle. This meeting is different because President Bill Clinton has invited all heads of state to meet informally during the APEC meeting.
Q: How important is Asia-Pacific trade to the US? A: Very. US exports to APEC members account for half of total US exports - US$224.6 billion last year. In comparison, US exports to the European Community amounted to 26 per cent of US exports. US imports from APEC countries account for 60 per cent of US imports, worth $532.7 billion last year, against imports from the EC, amounting to 21 per cent of total US imports. APEC members account for 40 per cent of total world trade. And the value of American exports to Asia surpasses sales to Europe and the formerSoviet Union together.
