APEC
in full Asia-Pacific Economic Cooperation
Trade group established in 1989 in response to the growing
interdependence of Asia-Pacific economies and the advent of regional economic
blocs (such as the European Union and the North American Free Trade Area) in
other parts of the world.
APEC works to raise living standards and education levels
through sustainable economic growth and to foster a sense of community and an
appreciation of shared interests among Asia-Pacific countries. At the end of
the 1990s APEC's membership included its 12 founding members—Australia, Brunei,
Canada, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines,
Singapore, Thailand, and the United States—as well as Chile, China (including
Hong Kong), Mexico, Papua New Guinea, Peru, Russia, and Vietnam; Taiwan also
participates as “Chinese Taipei.” The Pacific Economic Cooperation Council, the
South Pacific Forum, and the secretariat of the Association of Southeast Asian
Nations maintain observer status. The APEC group represents about 40% of the
world's population, 40% of global trade, and 50% of the world's gross national
product. See also NAFTA; trade agreement; World Trade Organization.
Source: Britannica encyclopedia
