The Asia-Pacific Economic Cooperation (APEC) is the premier forum for facilitating economic growth, cooperation, trade and investment in the Asia-Pacific region. APEC has represented the most economically dynamic region in the world with its 21 member economies accounting for 57% of world GDP, 45.8% of world trade volume, over 44.8% of the world's population, and having generated nearly 70% of global economic growth within its first ten years. Launched as a Ministerial Meeting with twelve founding members in Canberra, Australia in 1989, APEC has since become the main organization for promoting economic growth and prosperity of the region, and strengthening mutual ties among member economies. Since 1989, APEC has grown to include 21 members. Key to achieving APEC's vision are the "Bogor Goals," which specify the APEC objectives for free and open trade and investment among industrialized members by 2010, and among developing members by 2020. Bogor Goals were adopted by APEC Economic Leaders at their 1994 meeting in Bogor, Indonesia. To achieve these objectives, APEC Member Economies developed a framework in Osaka, Japan in 1995, which set out three main areas of cooperation in Trade and Investment Liberalization and Facilitation (TILF), Economic and Technical Cooperation(ECOTECH), and Business Facilitation. With each annual forum, the spirit of openness and partnership among members deepens; dynamic economic growth continues; goods, services, capital and investment flow freely among economies; and people share the benefits of economic growth, thereby fulfilling APEC's vision of open dialogue and regional cooperation.