APEC is a forum for 21 Pacific Rim countries or regions to discuss the regional economy, cooperation, trade and investment. The membership is claimed to account for approximately 41% of the world's population, approximately 56% of world GDP and about 49% of world trade. The activities, including year-round meetings of the members' ministers, are coordinated by the APEC Secretariat.

The organization conducts the APEC Economic Leaders' Meeting, an annual summit attended by the heads of government of all APEC members. The location of the summit rotates annually among the member economies, and a famous tradition involves the attending leaders dressing in a national costume of the host member.