Papua New Guinea has been given approval to host the 2018 APEC leaders' summit.
Leaders at the current APEC summit being held in Bali, Indonesia, endorsed the Papua New Guinea Prime Minister Peter O'Neill's nomination of PNG to host the summit in 2018.
Mr O'Neill says the decision by the 21 APEC leaders is a vote of confidence in PNG as an independent nation and as a regional partner gaining greater standing and influence.
He says APEC nations account for close to half the world's trade and commerce.
The Prime Minister claims that by hosting the 2018 summit, PNG will have a unique opportunity to showcase the country's rich culture, robust democracy and the tremendous trade and investment opportunities it offers.
He says his government will begin planning without delay.