Territorial disputes have strained relations between China, South Korea and Japan in the weeks leading up to the APEC summit.
Claims over the Scarborough Shoal in the South China Sea have also dampened China's relations with the Philippines.
Despite these concerns, APEC leaders opened their meeting with the trade agenda firmly on their minds.
Singapore Prime Minister Lee Hsien Loong's day started with a series of bilateral meetings on the sidelines of APEC.
Among them was a meeting with US Secretary of State Hillary Clinton. US president Barack Obama is absent this year because of his presidential re-election campaign.
The meeting with Mrs Clinton lasted nearly an hour. They discussed regional developments and the situation in the South China Sea, where a tense territorial dispute has been brewing between China and the Philippines.
Mr Lee reiterated Singapore's position on the issue, saying that while Singapore does not have a claim in the South China Sea, Singapore does have an interest in preserving the peace and stability and the freedom of navigation in the area.
Mr Lee added that the dispute should be resolved through negotiations and in accordance with international law.
In this regard, PM Lee said ASEAN can play an effective and moderating role without taking any sides.
Mr Lee also stressed the need for all claimant parties to exercise moderation and restraint.
He made the same points in a separate meeting with Philippine President Benigno Aquino.
When Mr Lee met Japanese Prime Minister Yoshihiko Noda, their discussions centred on collaboration, investment and economic issues.
Both leaders welcomed the imminent start of negotiations on the Regional Comprehensive Economic Partnership at the upcoming ASEAN summit later this year.
Mr Noda also encouraged further collaboration between Japanese and Singapore companies in infrastructural development and investment in other regional countries.
Russian President Vladimir Putin opened the official APEC leaders' meeting by stating the agenda for this year's summit included the need to establish a reliable supply chain.
This took on added significance in light of recent natural disasters around the world like floods in Thailand and earthquakes in Japan.
Leading the discussion on this topic, Mr Lee said a country like Singapore is acutely aware of the importance of global supply chains, because trade is the true lifeblood of the Singapore economy.
He said it was important to address supply chains individually by improving the domestic handling of goods and services, for example in customs clearance.
Collectively though, he said there needs to be a balanced approach that will reduce risk and not compromise on trade.
Mr Lee said an important priority is to promote trade liberalisation and openness.
APEC leaders are also scheduled to meet with top CEOs from various industries.
So far, business leaders attending the APEC CEO summit have urged for a speedy conclusion of the Trans-Pacific Partnership (TPP).
The TPP will need the consensus of the 11 APEC members involved and it may not be an easy task, but if the TPP does go through, it will mean a significant boost for trade in the Asia Pacific region.
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