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APEC (stands for Asia-Pacific Economic Cooperation) is the name of international organization established in 1989. The main goal of organization is promoting free trade throughout the Asia-Pacific region. Its founding came as a response to the growing interdependence of Asia-Pacific economies, in order to follow regional trade blocks in other parts of the world, to establish the new market for agricultural products but mostly to have more effective economic cooperation with each other.
Since than, the annual APEC Economic Leaders' Meeting is attended by the heads of government of all APEC members. APEC currently has 21 members, including most countries with a coastline on the Pacific Ocean. Besides being on border of the Pacific Ocean, the most crucial criteria is member's separate economy, rather the state. Therefore, the membership of the forum includes Taiwan-although officially part of the Republic of China and Hong Kong- British colony before and now special region of the People's Republic of China. The location of the meeting rotates annually among the member economies and the tradition followed for most summits includes leaders dressing in national costumes of the host countries.
Photo: APEC Leaders' Family Photo
Cover photo: APEC official logo