Asia-Pacific Economic Cooperation

(APEC). A group of Pacific Rim countries who meet with the purpose of improving economic and political ties. It holds annual meetings in each of the member countries and has standing committees on a wide range of issues, from communications to fisheries. Founded in 1989. Currently, most countries with a coastline on the Pacific Ocean are members, with a few exeptions. APEC is famous for its tradition of having attending leaders dress in the national costume of the host nation. (from Wikipedia)