The purpose of the APEC meeting is to promote free trade and Asia Pacific cooperation in the fields of economy, trade, investment and technology.

On Nov. 14, 1991, the APEC issued the "Seoul Declaration" at its third ministerial meeting in Seoul, defines the objectives of APEC, its scope of activity and mode of operation among its 15 members.

The objectives of APEC, the Declaration said, are "to enhance the positive gains, both for the region and the world economy, resulting from increasing economic interdependence; to develop and strengthen the open multilateral trading system; and to reduce barriers to trade in goods and services and investment."

According to the declaration, cooperation among APEC 's members will be governed by "the principle of mutual benefit and a commitment to open dialogue and consensus-building, with equal respect for the views of all participants."

Referring to the scope of APEC 's activity, it said that APEC will lay stress on those economic realms "where there is scope to advance common interests and achieve mutual benefits."

The activities include the exchange of information and consultation on policies and developments relevant to the common efforts of APEC economies and development of strategies to reduce impediments to the flow of goods and services and investment world-wide and within the region.

They also cover the promotion of regional trade, investment, financial resources flows, human resources development, technology transfer and etc., and cooperation in specific sectors such as energy, environment, fisheries and tourism as well as in other sectors, it noted.

The fourth and fifth APEC meetings held respectively in Thailand and the United States in September 1992 and November 1993.

The first ministers' conference on regional science and technological cooperation of APEC opened in Beijing on October 3, 1995, 17 ministers of the 18-member APEC countries or regions attended the four-day meeting. The meeting was proposed by Chinese president Jiang Zemin at the APEC economic leaders' meeting held in Bogor, Indonesia in 1994. The conference is designed to coordinate member countries or regions' science and technology policies, discuss means of science and technology cooperation, and to encourage members to conduct joint research and development programs to promote sustainable economic development.