Singapore  - Australian Prime Minister Kevin Rudd on Saturday promoted his vision of a new Asia-Pacific Community (APC), saying that the region needed one single organization combining political, economic and security issues on its agenda.

"APC seeks to bring together in a single institution at a time the economies and countries of the region with an agenda that covers the entire space, not just parts," Rudd told business leaders at the summit of the Asia-Pacific Economic Cooperation (APEC) in Singapore.

He said the region had a vast array of institutions performing important roles.

However, while political or security issues were not explicitly on APEC's agenda, other institutions excluded the United States and were concentrated on South-East Asia, Rudd noted.

Commenting on a timeframe for realizing his vision, Rudd said, "we in Australia are very relaxed about how long this may take."

Rudd's proposal faces competition from a Japanese vision of an "East Asian Community" pushed by newly elected Prime Minister Yukio Hatoyama.

Speaking at the same APEC seminar in Singapore, Thai Prime Minister Abhisit Vejjajiva said the current regional institutions in Asia-Pacific had proved to be successful.

"This architecture has served the people well, but there is no room for complacency," he said. (dpa)