Against the backdrop of the 1997 Asian financial crisis, at the APT Summit in December 1998, the formation of an “East Asia Vision Group” (EAVG) was proposed. The Vision Group was composed of eminent intellectuals charged with the task of drawing up a vision for mid-to-long term cooperation in East Asia for the 21st century. The Vision Group explored ways to expand and intensify mid-to-long term cooperation in political and socio-cultural sectors, including economic ties to facilitate further development of the East Asian region. Its findings were submitted in a report to the APT Summit in 2001.