s further prolonged to 2007 due to the 1997 Asian Financial Crisis. Costa Rica, Colombia and Ecuador hope to become members in 2010. Guam has also been actively seeking a separate membership, citing the example of Hong Kong, but the request is opposed by the United States, which currently represents Guam.its formation in 1989, APEC has held annual meetings with representatives from all member economies. The first four annual meetings were attended by ministerial-level officials. Beginning in 1993, the annual meetings are named APEC Economic Leaders 'Meetings and are attended by the heads of government from all member economies except Taiwan, which is represented by a ministerial-level official. The annual Leaders 'Meetings are not called summits. br/>
. Scope of Work
Pacific Economic Cooperation (APEC) works in three broad areas to meet the Bogor Goals of free and open trade and investment in the Asia-Pacific by 2010 for developed economies and 2020 for developing economies. outcomes of these three areas enable APEC Member Economies to strengthen their economies by pooling resources within the region and achieving efficiencies. Tangible benefits are also delivered to consumers in the APEC region through increased training and employment opportunities, greater choices in the marketplace, cheaper goods and services and improved access to international markets.and Investment Liberalisation and Investment Liberalisation reduces and eventually eliminates tariff and non-tariff barriers to trade and investment. Protectionism is expensive because it raises prices for goods and services. Thus, Trade and Investment Liberation focuses on opening markets to increase trade and investment among economies, resulting in economic growth for APEC Member Economies and increased standards of living for all. This goal is also now furthered by APEC's Regional Economic Integration agenda, which includes work on model measures for bilateral and regional trade agreements and an examination of the prospects for a Free Trade Area of ​​the Asia-Pacific.FacilitationFacilitation focuses on reducing the costs of business transactions, improving access to trade information and aligning policy and business strategies to facilitate growth, and free and open trade. Essentially, Business Facilitation helps importers and exporters in Asia Pacific meet and conduct business more efficiently, thus reducing costs of production and leading to increased trade, cheaper goods and services and more employment opportunities due to an expanded economy. APEC's Structural Reform agenda addresses this area: it focuses on reforming domestic policies and institutions that adversely affect the operation of markets, and the capacity of businesses to access markets and to operate efficiently. and Technical Cooperation (ECOTECH) is dedicated to providing training and cooperation to build capacities in all APEC Member Econom...
