The Asia-Pacific Economic Cooperation (APEC) was established in 1989 in response to the growing interdependence among Asia-Pacific economies. APEC was started as an informal dialogue group and has since become the primary regional vehicle for promoting open trade and practical economic cooperation. The goal of APEC is to advance Asia-Pacific economic dynamism and sense of community.
APEC has 21 members and includes all the major economies of the Asia-Pacific region. APEC’s members’ economies had a combined GDP of over US$16 trillion in 1998 and they accounted for 42 percent of global trade.