This chapter evaluates the history, current state, and future prospects of the Asia-Pacific Economic Cooperation (APEC) forum in view of globalist, modernist and localist perspectives. It reviews Korea's perspective on and interest in APEC. Korea's unique status offers not only challenges but unusual opportunities for playing a positive and active role in the APEC process. The globalist perspective is characterized by optimism based on the integrating force of the market economy. Proponents of engagement argue that the integrating force of the market economy can be applied to North Korea once it opens up its economy in the Chinese model. As evident in APEC's Eminent Persons Group (EPG) reports, the APEC agenda is generally motivated by the globalist view. The EPG reports are characterized by full-fledged commitment to global free trade and investment. The localist impulses are deeply rooted in the prevalent trend toward economic regionalism and the precarious pretense of APEC itself.