MELBOURNE, Nov. 17 (Xinhua) -- Australian Prime Minister Anthony Albanese said on Monday that the nation's future prosperity lies in Asia and the Pacific as he hailed free and fair trade as a strength of the Asia-Pacific Economic Cooperation (APEC).

Albanese said in a speech to the APEC Study Center in Melbourne that member economies of the intergovernmental forum now account for 75 percent of Australia's trade.

"In an economy like ours, where one in four Australian jobs depends on trade, the impact of that market and those supply chains is enormous," he said.

Albanese cited increasing free and fair trade across the board, as well as creating jobs and growing industry, as the economic strength of APEC and said that the forum's strategic role should not be underestimated or undervalued.

"More than ever, our future prosperity lies in the economies of our region," Albanese said.

In Asia and the Pacific, Albanese said that Australia can "facilitate the dialogue that leads to understanding" and give voice to the priorities of neighboring countries and the broader region. Enditem