Under this year's theme of "One Community, Our Future", top leaders from 21 APEC member economies will mainly discuss APEC's role in promoting multilateral trade and the institutionalization of free trade agreements during the two-day meeting.

Chilean President Ricardo Lagos, who presides over the meeting,greeted the leaders at the gate of the convention center.

Saturday's meeting begins with the first retreat of APEC leaders and will be followed by a dialogue between APEC economic leaders and the APEC Business Advisory Council (ABAC), which had previously submitted an annual recommendation report to the leaders.

The ongoing leaders' meeting is the last event of the week-long APEC meetings, which also include the Senior Officials Meeting andthe Ministerial Meeting, and will end the whole APEC Chile 2004.

Numerous bilateral meetings were also planned on the sidelines of the meeting.

APEC, as the premier forum for facilitating economic growth, cooperation, trade and investment in the Asian Pacific region, wasset up in 1989 to further enhance economic growth and prosperity for region and to strengthen the Asia-Pacific community.

It now groups Australia, Brunei, Canada, Chile, China, Chinese Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Russia, Singapore, Chinese Taipei,Thailand, the Philippines, the United States and Vietnam.