The Asia-Pacific Economic Cooperation (APEC) Business Summit, the region's biggest annual event of the business community, was opened in Sydney Thursday, bringing together APEC economic leaders and business people under one roof to discuss the most critical economic and business issues facing the region.

The event, formerly known as the APEC CEO Summit, has been annually organized along with the APEC Economic Leaders' Meeting since 1996. It has been designed to maximize the opportunities for dialogue and interaction between APEC economic leaders, prominent businessmen, policy makers and international opinion setters.

During the two-day meeting, a range of issues will be covered including trade, market and structural issues, energy, clean development and climate change. Delegates to the summit include senior figures from across the Asia-Pacific region representing a broad range of industry sectors including professional services, financial services, education, information technology, retail trade, engineering, consumer services, media and energy, according to the Australian government, the summit's organizer.

Economic leaders to attend the summit include those from China, Chile, Peru, the United States and Canada, according to the organizer.

The Business Summit this year has adopted the theme of the APEC Australia 2007 year: "Strengthening our community, building a sustainable future."

Incepted in 1989, APEC is the premier forum for facilitating economic growth, cooperation, trade and investment in the Asia- Pacific region.

It represents the most economically dynamic region in the world, with 21 member economies accounting for approximately 40 percent of the world's population, 56 percent of world GDP and 48 percent of world trade.