Backgrounder: APEC Economic Leaders' Meeting (AELM)

The 18th APEC Economic Leaders' Meeting (AELM), the culmination of the APEC Leaders' Week meetings, opened Saturday in Japan's second largest city of Yokohama.

Amid the significant changes in global political and economic conditions, the two-day AELM adopted the theme "Change and Action, " whereby APEC should build upon its past successes to propose necessary "changes" and execute concrete "actions" to ensure that it will continue to play an important role in the future.

On the agenda of the meeting are the assessment of the Bogor Goals, which set 2010 as the target year for the five APEC industrialized economies to achieve free and open trade and investment, and such issues as regional economic integration, a new growth strategy for the Asia-Pacific Region, and economic and technical cooperation.

APEC had been operating at ministerial levels until November 1993, when former U.S. President Bill Clinton established the practice of an annual APEC Economic Leaders' Meeting which brings together heads of state and representatives to set the strategic policy direction for the APEC.

The AELM is held on a yearly basis. During the meeting, leaders discuss a range of strategic, economic and trade-related topics and arrive at consensus on relevant issues.

At the end of the meeting, the APEC Economic Leaders' declaration will be issued, outlining the shared views of leaders on key topics and setting the strategic direction of the APEC for the forthcoming year.

As a tradition, the leaders present at the meeting have a photo op to dress in a costume that reflects the culture of the host member.

Source: Xinhua