Asia-Pacific Economic Cooperation Conference

Trade group comprising 20 Pacific Asian countries and also Hong Kong, as a separate economic jurisdiction, formed in 1989 to promote multilateral trade and economic cooperation between member states. Its members are Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, South Korea, Taiwan, Thailand, the USA, and Vietnam. Representing a population of over 2.5 billion people, APEC members accounted for 47% of world trade in 2007.

A pact signed in November 1994 committed members to extensive trade liberalization over the following three decades; the agreement on free trade signed in November 1995 stated that industrialized member nations are to achieve free trade by 2010, and developing countries by 2020.