APEC leaders meet on regional development

U.S. Secretary of State Hillary Rodham Clinton, right, talks with Russian President Vladimir Putin during the arrival ceremony for the Asia-Pacific Economic Cooperation (APEC) Summit in Vladivostok, Russia on Saturday.

Leaders of the 21 Asia-Pacific Economic Cooperation (APEC) member economies met in Vladivostok on Saturday to discuss ways for regional development amid fragile world economic recovery.

Under the theme of “Integrate to Grow, Innovate to Prosper”, the annual meeting is expected to focus on trade and investment liberalization and regional economic integration, food security, supply chains and cooperation to foster innovative growth.

Since APEC’s birth in 1989, it has grown to encompass 21 members spanning four continents, and represents the most economically dynamic region in the world.

The region accounts for approximately 40 per cent of the world’s population, around 57 per cent of world GDP and about 48 per cent of global trade.