SYDNEY (AFP) -- The Asia Pacific region's total economic output has risen three-fold to about 37 trillion U.S. dollars since the formation of APEC in 1989, Australian Trade Minister Warren Truss said.

The group's achievement lowering trade barriers has helped power the region's economy to new heights, he said on the eve of the Asia Pacific Economic Cooperation (APEC) forum meetings and summit.
Per capita income also surged nearly 170 percent to 14,000 dollars from 5,205 dollars in the same period, faster than the world average of 10,305 dollars, Truss said.
Gross domestic product (GDP) for the 21-member grouping stretching from China to Chile is now approximately 37.3 trillion dollars, three times what it was 18 years ago, he said.
In 1989, APEC economies had a per capita GDP of 5,205 dollars, which was on a par with the world average. In 2006, its per capita GDP was almost 14,000 dollars, compared with 10,305 dollars for the world's average, he said.
""It is a massive level of economic growth that has delivered benefits to almost three billion people in the region,"" Truss said.
""APEC has advanced because it has opened itself to the benefits of free trade and investment, and has reduced tariffs, embraced technology and improved its productivity and competitiveness in global terms.""
Critics have described APEC as a talk shop, where commitments are not legally binding.
Nevertheless, officials say the grouping has helped in reducing trade barriers and facilitating investments.
Highlighting the importance of APEC to Australia, Truss said that on the average, his country's trade in goods and services with the rest of the APEC region rose 7.5 percent annually since 1989, or from 81.6 billion dollars to 294 billion dollars.
""This extraordinary growth has provided jobs and prosperity not just for Australians, but for people in every APEC economy,"" he said.
""Over the next week, we must make every effort as a regional forum to continue that momentum, particularly in core areas of economic liberalization and structural reform.""
APEC senior officials as well as foreign and trade ministers start a series of meetings from today, culminating in a summit of their leaders on September 8-9