2. We take note of the rapid expansion of APEC's activities in recent years, and the increasing leadership role it plays in global economic affairs. Flowing from commitments embodied in the Osaka Action Agenda and the Manila Action Plan for APEC, we welcome the designation of 1997 as APEC's Year of Action. We have reflected on the concrete results that APEC cooperation has generated throughout the year, and set out a vision of how we may build upon these achievements in the years ahead. As the year draws to a close, we note with satisfaction that we have met and surpassed all the tasks we set for ourselves at our last meeting in Subic.