SINGAPORE, Nov. 14 (Xinhua) -- The APEC Economic Leaders' Meeting, the culmination of the APEC meetings throughout the year, opens in Singapore Saturday.
In November 1993, 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. Before that, the APEC only operated at ministerial level.
The AELM was held on a yearly basis. During the meeting, leaders discuss a range of strategic, economic and trade-related topics. On the agenda at recent meetings included regional economic integration, the Doha Round of trade talks, climate change and terrorism.
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 attending the meeting participate in a photo op in which they dress in a costume that reflects the culture of the host member.
Previous AELMs:
The following are basic facts about the previous Economic Leaders' Meetings of the APEC:
-- Seattle, the United States, 1993
The leaders discussed topics such as the future of the Asia-Pacific region, regional cooperation and its mechanism. The most remarkable achievement of the meeting was the creation of a vision of community of Asia-Pacific economies. A statement released by the meeting said that the forum should foster the spirit of openness and partnership, support an open international trade system, and reduce trade and investment barriers.
-- Bogor, Indonesia, 1994
The meeting endorsed the Bogor Goals, which envisioned the achievement of free and open trade and investment for developed member economies by 2010 and developing ones by 2020. The meeting also adopted the Bogor Declaration, known as the Declaration of Common Resolve.
-- Osaka, Japan, 1995
The economic leaders approved a Declaration for Action (Osaka Declaration) and adopted the Osaka Action Agenda as a framework to achieve the commitments of the Bogor Declaration. The documents firmly established the "two wheels" of the APEC activities: trade and investment liberalization and facilitation, and economic and technical cooperation (Ecotech). The Osaka Action Agenda also provided individual action plans and collective action plans for the implementation of the Bogor Goals.
-- Cubic Bay, the Philippines, 1996
The economic leaders approved the Manila Action Plan for the APEC and the APEC Economic Leaders' Declaration: From Vision to Action. The plan included the following themes: greater market access in goods and services, an open investment regime, reduced business costs, an open and efficient infrastructure sector, and strengthened economic and technical cooperation.
The APEC leaders underlined the following six Ecotech areas: developing human capital, fostering safe and efficient capital markets, strengthening economic infrastructure, harnessing technologies of the future, promoting environmentally sustainable growth, and encouraging the growth of small and medium-sized enterprises.
-- Vancouver, Canada, 1997
The APEC economic leaders endorsed their ministers' agreement that action should be taken for the early voluntary sectoral liberalization in 15 sectors, with nine to be advanced through 1998 and implementation to begin in 1999. They also endorsed the Vancouver Framework for Enhanced Public-Private Partnership for Infrastructure Development.
The Vancouver meeting gave much attention to the financial crisis that swept Southeast Asia.
-- Kuala Lumpur, Malaysia, 1998
The economic leaders reaffirmed their confidence in the strong economic fundamentals and prospects for recovery of the APEC member economies. They agreed to pursue a cooperative growth to end the financial crisis.
A number of important documents were approved, including the APEC Economic Leaders Declaration: Strengthening the Foundations for Growth; the 1998 Agenda of the APEC Science and Technology Industry Cooperation into the 21st Century; and the 1998 Kuala Lumpur Action Program on Skills Development.
-- Auckland, New Zealand, 1999
The leaders pledged to strengthen markets and improve the international framework of governing trade and investment. They also endorsed the APEC Leaders Declaration: the Auckland Challenge, and the APEC Principles to Enhance Competition and Regulatory Reform.
-- Bandar Seri Begawan, Brunei, 2000
The major topics of the meeting included globalisation, the New Economy, economic and technical cooperation and human resource development.
The APEC leaders adopted the APEC Economic Leaders' Declaration: Delivering to the Community, and Action Agenda for New Economy in 2000.
-- Shanghai, China, 2001
The meeting was held under the theme of "Meeting New Challenges in the New Century: Achieving Common Prosperity through Participation and Cooperation." It had three sub-themes or agenda items: sharing the benefits of globalisation and the new economy, advancing trade and investment, and promoting sustainable economic growth. The leaders reached a consensus on the economic scenario of the world and the Asia-Pacific region, the direction of APEC development in the future, human capacity building and other issues.
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