US President Donald Trump and his Chinese counterpart Xi Jinping are likely to meet at the Asia-Pacific Economic Cooperation (APEC) summit in South Korea.
About Asia-Pacific Economic Cooperation (APEC)
The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum founded in 1989 to foster greater economic integration and prosperity among its 21 member "economies". Unlike traditional organizations, APEC uses the term "economies" rather than "countries," a practice that allows members like Chinese Taipei (Taiwan) and Hong Kong to participate. It is headquartered in Singapore. 
Mission and goals
The overarching goal of APEC is to support sustainable economic growth and prosperity in the Asia-Pacific region. This is pursued through three main pillars: 

• Trade and investment liberalization: Reducing tariffs and other barriers to trade and investment.
• Business facilitation: Lowering the costs and uncertainties of business transactions across the region.
• Economic and technical cooperation (ECOTECH): Building the capacity of member economies to fully participate in the region's expanding economy. 

In 1994, APEC leaders adopted the "Bogor Goals," which set targets for free and open trade and investment by 2010 for industrialized economies and by 2020 for developing ones. The new 20-year vision, the "Putrajaya Vision 2040," was established in 2020 to guide the organization's work toward an open, dynamic, resilient, and peaceful Asia-Pacific community. 

How APEC works
APEC operates based on open dialogue, consensus-based decision-making, and non-binding commitments. This voluntary approach means that while all economies have an equal voice, no treaty obligations are created. 
The organizational structure includes: 

• An annual APEC Economic Leaders' Meeting, attended by heads of government from all member economies except Chinese Taipei.
• Ministerial Meetings for foreign affairs and trade ministers.
• Senior Officials Meetings responsible for implementing policies.
• Working groups and a permanent Secretariat based in Singapore, which provides research and support.
• The APEC Business Advisory Council (ABAC), consisting of business executives who advise leaders on business priorities. 

Member economies
APEC's 21 member economies collectively account for over 60% of global GDP and nearly 50% of world trade. Members include: 

• Australia
• Brunei Darussalam
• Canada
• Chile
• People's Republic of China
• Hong Kong, China
• Indonesia
• Japan
• Republic of Korea
• Malaysia
• Mexico
• New Zealand
• Papua New Guinea
• Peru
• The Philippines
• The Russian Federation
• Singapore
• Chinese Taipei
• Thailand
• The United States of America
• Vietnam 

Recent priorities and initiatives   
In response to modern economic challenges, APEC's recent priorities address issues beyond traditional trade and investment. For example, the 2025 host economy, Korea, has set priorities around building a sustainable future by focusing on: 

• Connectivity: Strengthening physical, institutional, and people-to-people exchanges.
• Innovation: Fostering digital innovation and creating an inclusive technology ecosystem.
• Prosperity: Strengthening cooperation to address global challenges such as climate change, pandemics, and food security. 

APEC has also advanced several initiatives to improve the ease of doing business in the region, including streamlined customs procedures, improved supply chain connectivity, and the APEC Business Travel Card. 

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