APEC, a forum for the Asia Pacific Economic Cooperation

APEC has 21 members -- Australia; Brunei; Canada; Chile; China; Hongkong, China; Indonesia; Japan; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; the Philippines; the Republic of Korea; Russia; Singapore; Chinese Taipei; Thailand; the United States and Viet Nam.

The purpose of the APEC meeting is to promote free trade and Asia Pacific cooperation in the fields of economy, trade, investment and technology.

On Nov. 14, 1991, the APEC issued the "Seoul Declaration" at its third ministerial meeting in Seoul, defines the objectives of APEC, its scope of activity and mode of operation among its 15 members.

The objectives of APEC, the Declaration said, are "to enhance the positive gains, both for the region and the world economy, resulting from increasing economic interdependence; to develop and strengthen the open multilateral trading system; and to reduce barriers to trade in goods and services and investment."