APEC (redirected from Asia-Pacific Economic Cooperation Pact)

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.