The recent, unprecedented economic success of East Asia means that the current members of the Asia-Pacific Economic Cooperation (APEC) forum already account for more than half of global production. The force of East Asian industrialization has already transformed the contours of world economic power and influence. APEC is an innovative and flexible form of cooperation designed to accommodate the diversity of the region's economies, which differ remarkably in terms of their populations, incomes, cost structures, and natural resource endowments. The Southeast Asian Nations (ASEAN) post-ministerial conferences are a productive forum involving most of APEC's original 12 participants. Decision-making by APEC governments should continue to evolve through building consensus on guiding principles and operational targets to achieve free and open trade and investment. The general principles for APEC, set out in the Osaka Action Agenda, are a valuable contribution to the APEC process.