The purpose of this paper is to evaluate the ten years of APEC. There has been progress in several respects, that is, in terms of institutional development, membership, and coverage of issue areas. However, there also exist widespread doubts about the APEC's substance and performance. Some questions what have been achieved after 10 years of lengthy discussion on Asia-Pacific Cooperation. In this paper, we briefly review the major achievement of APEC over 10 years. Then we evaluate the performance of APEC in three areas: TILF, Ecotech, and Macroeconomic and Financial Cooperation.

The review of APEC's performance over the last 10 years turns out to be unsatisfactory. The difficulty seems to rise from the heterogeneity of the member economies, especially in the level of development and consequent differences in interest. Despite the unsatisfactory performance, APEC still appears to be a useful forum for Asia-Pacific economies. In the least, APEC provides an arena where Asia-Pacific economies get together and discuss on their common problems. Also, APEC played a useful role as a regional economic body in the process of completing UR Agreement and Information Technology Agreement. Over the last 10 years, APEC member economies have been able to deepen the understanding about one another through clashes and agreements of opinions. APEC is moving forward even though it is slow. As long as the member economies have the will for the Asia-Pacific community and patience to reach the Bogor goal in 2010/2020, APEC is sustainable.

Ⅰ. Introduction

Ⅱ. Evolution of APEC
1. First 5 Years: Formation of APEC
2. Second 5 Years: Setting up agenda

Ⅲ. Three pillars of APEC
1. TILF
2. Ecotech
3. Macroeconomic and Financial Cooperation

Ⅳ. Conclusion