Asia-Pacific Economic Cooperation

Definition

The Asia-Pacific Economic Cooperation is an inter-governmental forum for 21 Pacific Rim member economies that promotes free trade throughout the Asia-Pacific region. Established in 1989, APEC works to facilitate economic growth, cooperation, trade, and investment in the Asia-Pacific region.

Related terms

Free trade area: An agreement between two or more countries to reduce or eliminate barriers to trade and commerce among themselves.

Economic integration: The process by which different countries agree to remove trade barriers between them to enhance economic cooperation and build closer political and economic ties.

Global governance: The cooperative leadership that brings together governmental entities, international organizations, and other stakeholders to address global issues and manage shared problems at the international level