This article discusses Australian PM’s, Kevin Rudd’s proposal of creating an Asia Pacific Community presented in 2008 and currently perceived as a failure. It presents theoretical basis for the integration within the Pacific Basin (including integrative potential of the region and gravity theory of trade) and the role of the Pacific Ocean as a certain stage for this organization. Four pillars of economic community (trade and investment, infrastructure, financial and monetary cooperation, regional public goods) integration are also presented, as economic community seem to be the only possible that could bring additional value to regional integration. Finally, it analyses problem of conditions for the new institution, including problems of existing organizations of the region. There are two conclusions: (1) despite the failure of Rudd’s proposal under Asia-Pacific Community name, ASEAN+8 (or enlarged in November 2011 East Asian Summit) is somehow corresponding with one of the options for APC; (2) non-creation of a new institution is definitely better for regional architecture and integration per se, as allows existing institution to employ their potential and brings us closer to integrated region. Therefore, development of the East Asia Summit (EAS18), as one of the regional institutions may be perceived as kind of heritage of this interesting Australian PM’s idea.