Given the flurry of media coverage of the various summit meetings that did (or, in the case of China-Japan, did not) occur along the sidelines of the Asia Pacific Economic Cooperation (APEC) meetings in Busan, South Korea last week, it is easy to overlook the fact that the primary reason for this gathering was to discuss Asia-Pacific economic cooperation. While APEC is not an institution per se, and its agreements and declarations, reached by consensus, are not legally binding on its members, some noteworthy economic news did emerge from this “gathering of economies.”