Asia Pacific Economic Cooperation
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Asia-Pacific Economic Cooperation Pact
An organization promoting trade and economic liberalization among countries with borders along the Pacific Ocean. It has 21 members including Australia, Canada, China, Chile, Japan, Russia, South Korea, and the United States. Heads of government of member nations meet annually to discuss trade and economic issues. It was established in 1989 and is headquartered in Singapore. See also: ASEAN, Free Trade Area of the Asia-Pacific.
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Asia Pacific Economic Cooperation (APEC)a regional alliance formed in 1990 with the general objective of establishing a ‘free trade area’ (see TRADE INTEGRATION entry for details). There are currently 18 members of APEC: USA, Canada, Japan, China, Mexico, Chile, Australia, New Zealand, Papua New Guinea, South Korea, Taiwan, Hong Kong, Thailand, Philippines, Brunei, Malaysia, Singapore and Indonesia. The USA, Canada and Mexico are also members of the NORTH AMERICAN FREE TRADE AGREEMENT (NAFTA), and Brunei, Indonesia, Malaysia, Philippines, Singapore and Thailand are also members of the ASSOCIATION OF SOUTHEAST ASIAN NATIONS (ASEAN).
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson