Since its inception in November 1989, APEC has grown from an informal dialogue of 12 Pacific Rim economies to a major regional institution of 21 members with a population of over 2.5 billion people, a combined GDP of 19 trillion U.S. dollars, and 47% of world trade. Ministerial meetings take place annually, with the chairmanship rotating among the members. Chile currently holds the APEC chair and will host ministerial and leaders' meetings in 2004. The United States works closely with APEC and sees it as an important part of U.S. engagement in the Asia-Pacific region. In the U.S. view, APEC is the most promising forum for achieving a more open regional economy, encouraging economic growth, and fostering prosperity and opportunity throughout the region. APEC remains America's primary vehicle for advancing both economic cooperation and trade and investment liberalization in the Asia-Pacific region. Current APEC member economies are Australia, Brunei Darussalam, Canada, Chile, China, Hong Kong, Indonesia, Japan, the Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Chinese Taipei, Thailand, the United States, and Vietnam.