Our world is getting smaller. People, businesses and economies grow closer together. At APEC, we imagine the possibilities when there is dialogue and cooperation. When diverse communities work together through trade, good things can happen. More choices for consumers, more business opportunities, more jobs and better standards of living for all. At APEC, we make this a reality by advancing free trade for Asia-Pacific prosperity. Established in 1989 with 12 economies, APEC's membership now totals 21, recognizing the pace of implementation for differing levels of economic development. APEC leaders in Bogor, Indonesia committed in 1994 to achieve the goal of free and open trade and investment in the Asia-Pacific no later than 2020. This is the fundamental commitment that shapes most of what we do. So how have we set about achieving these goals? Through three broad work areas. Trade and investment liberalisation, business facilitation, and economic and technical cooperation, also known as APEC's three pillars. The first pillar, trade and investment liberalisation focuses on opening up markets and integrating economies in the region. The second, business facilitation aims to improve the ease of doing business and reduce trading costs across economies. The third, economic and technical cooperation enables businesses to take advantage of global trade in a sustainable way. APEC helps the transition towards regional economic integration by ensuring that people are well placed to gain from global trade in the long term. From helping small businesses get loans and access foreign markets. To educating youth in the use of information technology and empowering women to play a bigger role in APEC economies. A tough challenge, sure, but consider this. There have been significant reductions in average tariffs in APEC over the past 20 years. Trade facilitation, which makes it easier, cheaper and faster to trade across borders, has also saved businesses billions of dollars, with initiatives like simplifying customs procedures and making it quicker for business people to travel with the APEC Business Travel Card. Structural reform makes doing business easier and helps ensure higher quality growth across the APEC region by promoting competition and developing stronger social safety nets. APEC's work on reducing tariffs positively impacts trade and investment and overall development. Over a span of 10 years, the GDP of many APEC economies grew dramatically. Employment increased significantly and poverty was greatly reduced. Going beyond traditional trade and investment areas, APEC also undertakes work that reflects new regional challenges. Implementing projects that help the region reduce disruptions in the supply chain and the event of a disaster. Developing guidelines and building the capacity of economies and businesses to help them deal with pandemics. And focusing on strengthening energy security to help build a sustainable future. But as the world grows ever smaller and economies grow closer, APEC's role becomes ever greater and more relevant. So that as incomes rise, poverty falls and the gap between developing and industrialized economies narrows, there really can be progress for all. APEC advancing free trade for Asia-Pacific prosperity.