APEC (Asia Pacific Economic Co-operation) was founded in November 1989 to devise programmes of co-operation between member nations, through the establishment of meetings of economic leaders in trade and foreign ministers. it was institutionalized in June 1992 after a meeting in Bangkok, at which it was agreed to set up a secretariat in Singapore. It was constituted on the initiative of Australian Prime MinisterMr. Bob Hawk who called APEC as "Voice for ASia Pacific in World Affairs". At present there are 21 Members in APEC. In 2001 the summit was held in Shanghai, in 2003 the summit was held in Bangkok and in 2004 the summit was held in Santiago (Chile).