APEC: Asia Pacific Economic Cooperation [forum]. Established in 1989. The basic objectives of APEC include (a) sustaining growth and development in the region, (b) strengthening an open multilateral trading system rather than the formation of a regional trading bloc, (c) a focus on economic rather than security issues and (d) to foster constructive interdependence by encouraging the flow of goods, services, capital and technology. The membership criteria adopted in 1997 are: (a) an applicant economy should be located in the Asia-Pacific region, (b) it should have substantial and broad-based economic linkages with the existing APEC members, in particular, the value of the applicant's trade with APEC members, as a percentage of its international trade, should be relatively high, (c) it should be pursuing externally oriented, market-driven economic policies, and (d) a successful applicant will be required to produce an Individual Action Plan (IAP) for implementation and to commence participation in the Collective Action Plans across the APEC work program from the time of its joining APEC. APEC’s main agenda is to dismantle trade and investment barriers among all members by 2020. Developed country members have undertaken to do so by 2010. Several working groups have also been established to advance cooperation across a range of issues, especially in the areas of business facilitation and information exchange. Members of APEC are Australia, Brunei Darussalam, Canada, Chile, China, Chinese Taipei (Taiwan), Hong Kong, Indonesia, Japan, Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Thailand, Vietnam and the United States. APEC Economic Leaders agreed at their meeting in Vancouver in November 1997 that no new members would be admitted until 2008. APEC is supported by a small secretariat based in Singapore. APEC's main meetings are hosted by one of the member economies for an entire year. This is APEC’s main coordination mechanism. See also Bogor Declaration, Manila Action Plan for APEC, open regionalism, Osaka Action Agenda, Seoul Declaration, Shanghai Accord, strengthening the functioning of Declaration, Shanghai Accord, strengthening the functioning of markets and other entries beginning with APEC.