The Asia-Pacific Economic Cooperation forum's high-level meeting on growth strategy in Beppu, Oita Prefecture, wrapped up with a chairman's statement on actions to be taken by 2015. That strategy is to be formally adopted at the APEC summit in November, with revisions due by the end of the year.

APEC is not the only regional forum Japan participates in. It is also a member of the ASEAN plus three, ASEAN plus six and ASEAN Regional forums, which raises the question of which grouping to prioritize.

Let us take a look at the core features that a regional economic community must have to succeed.