As a 21-member forum, APEC seeks to boost free trade and economic cooperation throughout the Asia-Pacific region.

APEC is an inter-governmental organization that works on the basis of non-binding commitments, open dialogue and equal respect for the views of all participants. It now accounts for approximately 55 percent of global GDP, 44 percent of global trade, and 40 percent of the world's population, according to data provided on its official website.

The first APEC Ministerial Meeting was held in 1989 in Canberra, Australia.

At the meeting in 1994 in Bogor, Indonesia, APEC leaders adopted the Bogor Goals that targets free and open trade and investment in the Asia-Pacific by 2010 for industrialized economies and by 2020 for developing economies.

APEC's institutional framework consists of the Economic Leaders' Meeting, the Ministerial Meeting, the Senior Officials' Meeting, a committee and special working groups.

APEC currently groups 21 members, namely Australia, Brunei, Canada, Chile, China, China's Hong Kong, Chinese Taipei, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, South Korea, Thailand, the United States and Viet Nam. The location of the meeting rotates annually among APEC members.

(Source: Xinhua News Agency)