The heads of state and government discussed a range of issues concerning economic growth, employment, facilitating green development, raising energy security and energy efficiency, and harmonising national state economic regulation systems.

The summit ended with the adoption of the declaration, Towards a Seamless Regional Economy.

Mr. Medvedev answered questions from summit participants, including about Russia's accession to the WTO, the prospects for economic cooperation with Japan, increasing deliveries of Russian gas to China, and measures to stabilise the situation in the eurozone.

With President Obama signing into law the US APEC Business Travel Card (ABTC) Act into law during the summit, only Russia and Canada remain Transitional Members of the scheme, which allow cardholders from all participating economies to use 'fast-track' immigration lanes at major international airports in the 21 countries including China.

The APEC Business Travel Card is issued with a validity of three years and in many APEC countries is accepted instead of visas granting holders stsys of up to90 days. The card was developed in response to the need for business people to gain streamlined entry to the economies of the Asia-Pacific region. This enables business people to explore new business opportunities, attend meetings and conduct trade and investment activities.

The Russian President invited all APEC CEO Summit participants to Vladivostok  for the Asia-Pacific Economic Cooperation forum in September 2012.

At the forum in Honolula Mr. Medvedev was asked, "you are entering a rules-based system, and I think it’s fair to say that some foreign businesses don’t always associate Russia with sticking by the rules. I mean, first of all, is that a fair critisim by those companies. And if it is, is that going to change?"

The Russian president accepted the accuracy of then criticism and said, "The problem is not that someone is violating the rules. The rules are often violated even in the most highly developed states with good legal traditions. The main thing is that if violation occurs, it must still be possible to protect one’s interests. And naturally, in this regard we still have to see a certain amount of progress.

"This does not mean that we do not have a judicial system. It functions, it is improving, but it is still not as developed or as smoothly running as that of many other countries. In recent years I have tried to pay particular attention to this problem by improving our legislation on our judicial system, and at the same time creating new institutions that could be used to achieve these goals."

Mr. Medvedev also told an interviewer, " Russia is part of both Europe and Asia, so we're looking in both directions. Without a doubt Europe, the European market, and the eurozone are not living through their best times, and much remains to be done in order to stabilise the situation.

"Our current trade balance with EU countries is $250 billion which, taken as a whole, is quite a lot. But in fact the potential of the Asia-Pacific regions and the markets in this part of the world amount to no less; we have a very high trade turnover with China, India, and many other countries.”

Mr. Medvedev forecast that once agreement is reached on price Russian supplies of piped  natural gas to China will be “absolutely comparable” with the volumes Russia supplies to western Europe.

Having met with the new Prime Minister of Japan, Yoshihiko Noda, Mr. Medvedev said “We talked about investments, and I think that’s perfectly normal.

“Of course, there is one problem that bears on our relationship. It is the lack of a so-called peace treaty and the territorial question. Our position is simple: it consists in not dramatising this issue, not indulging in hysterics, but continuing discussions in a calm manner. Because our positions on this topic really do diverge.

“We believe that the current situation reflects the status quo and the results of the Second World War. Naturally, the Russian Federation considers this territory to be part of it.”

"The Far East and Siberia hold tremendous potential. Since ancient times, when it was said that Russia will grow thanks to Siberia, the situation has not changed. In fact, we are developing to a considerable extent at the expense of resources from Siberia and the Far East.

"This is not always reflected in the standards of living of those who live there, but in general there is a very good foundation to ensure that life in the Far East, in eastern Siberia, is no different from life in Moscow. For that we simply need to create proper infrastructure and a normal social environment, and achieve normal social standards. It is absolutely feasible.

Talking about Khabarovsk, which he visited on the way to Honolula, Mr. Medvedev said, "on the one hand, it is a city in the Far East and, on the other, one with strong European traditions. We even held a Russia-EU summit there and our EU partners were surprised that Europe extends so far into the Far East. So all this can be resolved. We just need to invest the funds necessary to improve the living standards, and then life in these regions will be no different from that in the capital.

APEC consists of Australia, Brunei Darussalam, Chile, China, Hong Kong (China), Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Chinese Taipei, Thailand, Vietnam and the USA.

Australian Prime Minuster Julia Gillard and President Barack Obama with President Medvedev in Honolula Presidential Press Office