Leaders of 21 Pacific Rim economies gather for APEC Summit in Bali
- POSTED: 05 Oct 2013 22:53
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The leaders of 21 economies are gathering in Bali for the annual summit of the Asia-Pacific Economic Cooperation (APEC) forum this weekend, including Singapore Prime Minister Lee Hsien Loong.
BALI, Indonesia: The leaders of 21 economies are gathering in Bali for the annual summit of the Asia-Pacific Economic Cooperation (APEC) forum this weekend.
Singapore Prime Minister Lee Hsien Loong is among the leaders attending the summit.
This is the second time that Indonesia is hosting the APEC Leaders Meeting.
The first was in Bogor, almost 20 years ago in 1994.
In Bali, the meetings are taking place in Nusa Dua, an area known for its five-star hotels and resorts.
As the leaders start arriving, security at the summit venue has been significantly stepped up.
Ahead of the summit proper, Prime Minister Lee will speak at a CEO dialogue of 1,200 business leaders and policymakers on Sunday.
On the agenda is the state of the global economy.
With the continued US government shutdown, concerns about the US economy and the impact on the Asia Pacific is likely to feature in the discussions.
On Monday and Tuesday, the Leaders' Meeting will take place.
In Bogor in 1994, APEC leaders set the target of achieving free and open trade in the region, by cutting tariffs and other trade barriers.
The deadline for developed economies was 2010, and for developing economies, 2020.
This year's meeting is expected to review the progress of the Bogor goals.
On the sidelines of APEC, Prime Minister Lee is expected to meet his Australian counterpart Tony Abbott.
This will be their first meeting since Mr Abbott became prime minister recently.
Prime Minister Lee is also meeting Hong Kong Chief Executive Leung Chun-Ying, Peruvian President Ollanta Humala and Mexican President Enrique Pena Nieto.