On 15 November 1994, Indonesian President Soeharto hosted the second meeting of APEC economic leaders who discussed where the economies of the region need to go in the next 25 years. In their Declaration of Common Resolve, the economic leaders agreed to achieve the goal of free and open trade and investment in the region no later than 2010 for the industrialized economies and 2020 for developing economies. The economic leaders further agreed to narrow the gap in the stages of development among Asia-Pacific economies. To this end, APEC will provide opportunities for developing economies to increase further their economic growth and level of development consistent with sustainable growth, equitable development, and member economy stability.