Driven by APEC, the region has seen rapid economic growth, with real GDP rising from $19 trillion in 1989 to $46.9 trillion in 2018. At the same time, per capita incomes of Asia-Pacific residents rose by 74%, pulling millions out of poverty and creating a growing middle class in less than three years.

Bringing the region closer together, reducing trade barriers and eliminating regulatory disparities boosted trade, which in turn led to a surge in prosperity. Average tariffs have fallen from 17 percent in 1989 to 5.2 percent in 2020. Over the same period, total trade in the Asia-Pacific region has grown more than sevenfold, outpacing the rest of the world, with two-thirds of trade occurring between member economies.

APEC has implemented a wide range of initiatives to help integrate the region’s economies and facilitate trade, while addressing sustainability and social equity issues.

U.S. products and $34 billion in services to Mexico, and U.S. sales to Mexico totaled $299 billion. Mexico is the No. 1 or No. 2 export destination for 27 U.S. states. 

NAFTA covers services other than air transport, maritime transport and basic telecommunications. The agreement also provides intellectual property protection in a number of areas, including patents, trademarks and copyrighted material. NAFTA’s government procurement provisions apply not only to goods, but also to service and construction contracts at the federal level. In addition, U.S. investors are guaranteed the same treatment as domestic investors in Mexico and Canada.

The U.S.-Mexico-Canada Agreement (USMCA), which replaces the North American Free Trade Agreement (NAFTA), entered into force on July 1, 2020.