Since its inception in November 1989, APEC has grown from an informal dialogue of 12 Pacific Rim economies to a major regional institution with 21 members. Now, APEC has become the premier forum for facilitating economic growth, cooperation, trade and investment in the Asia-Pacific region. However, APEC principles and decision-making process make it unique amongst trade and economic groupings. Please explain the major principles of APEC and its decision-making process.
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