APEC was founded as an informal consultative forum to promote economic cooperation, encompassing, as members, the leading economies in the region. When APEC admitted three new members during the third APEC Ministerial Meeting in Seoul in November 1991, the protocol was accepted to refer to the three new member economies as the People’s Republic of China; Hong Kong, China; and Chinese Taipei. As such, APEC’s members are always referred to as “Economies” rather than countries or nations. The use or display of national flags, symbols or anthems is prohibited and only simple nameplates of the member economies are displayed at any APEC function.

 Today APEC includes 21 Asia-Pacific economies. APEC member economies are Australia, Brunei, Canada, Chile, China, Hong Kong China, Indonesia, Japan, Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Chinese Taipei, Thailand, the United States, and Vietnam.
Members account for 54.9% of the world’s gross domestic product, 47.1% of the world’s goods and services trade, 44.5% of the world’s total accumulated direct investments, and 39.9% of the world’s population.

APEC–2012 declared priorities:

APEC – Russky Island from apec2012.ru

 trade and investment liberalization, regional economic integration, strengthening food security, establishing reliable supply chains,intensive cooperation to foster innovative growth.

 Russia proposes discussing the long-term prospects of regional and global integration, sustainable growth and new challenges to trade and investment liberalization, elimination of trade and investment barriers for small and medium-sized enterprises, and establishment of reliable supply chains.

  The two days of the CEO Summit (Sept. 7^th– 8th) will be devoted to an exchange of ideas between business and government leaders on the advantages and adverse effects of economic integration, the prospects for global and regional currencies, infrastructure development for economic growth, and the future of capitalism in general. Other sessions will include focus on the development of cities in a rapidly changing world, the emergence and role of transnational corporations, and the growth of the middle class in emerging markets.

  In 2007 Russky Island was chosen as the site for the Asia-Pacific Economic Cooperation Leaders’ Week (APEC). Large-scale construction was launched on the island.
Russky Island is located in the Peter the Great Gulf and is part of Vladivostok’s Frunzensky district. The island is sometimes called the Far East’s Kronstadt. The Eastern Bosphorus Strait separates it from the Muravyov-Amursky Peninsula where Vladivostok, the capital of Russia’s Primorye Territory, lies.