An association of nations around the Pacific rim aiming at the creation of a Pacific free‐trade area. APEC was set up in 1990; it has 21 members, including Australia, Canada, Chile, China, Indonesia, Japan, Malaysia, Mexico, New Zealand, Singapore, the US, and a number of small Pacific states. It aims at creating a free‐trade area for its industrialized members by 2010, and its less developed members by 2020. When complete this will cover a large percentage of world trade.
Subjects: Politics — Economics.