Russia is hosting the latest summit of Asia-Pacific rim economies in the port city of Vladivostok. Ministers from the Asia Pacific Economic Cooperation are set to discuss building closer economic ties, innovation and “green growth”, The Nikkei reports.

The 21-member APEC accounts for half of the world’s economic output. The talks aim to put forward a Free Trade Area of the Asia-Pacific (FTAAP) and finalize a list of environmental goods, such as solar panels, on which tariffs would be reduced to 5% or below by 2015. According to The Nikkei, the tariff cuts would promote “green growth” – growth which balances the economy and the environment. APEC also expects to agree on “creating a new format under which entrepreneurs and research organizations interact with one another” that would promote technological innovation and economic growth.

The Nikkei reports that Japan’s Foreign Minister, Koichiro Gemba, will meet with Russian First Deputy Prime Minister Igor Shuvalov on the sidelines of the forum to discuss a territorial dispute. Russian President Vladimir Putin is seeking to boost development and attract investment in the Russian Far East during the summit.