APEC was founded in 1989 as an intergovernmental forum and “free trade agreement” (FTA) among 12 original member states in the Asia-Pacific region. Today, APEC has a total membership of 21 countries, while excluding Laos and the Democratic People’s Republic of Korea (North Korea).
APEC functions in much the same way as similar organizations, such as the United States-Mexico-Canada Agreement (formerly NAFTA) or the Organization of American States, with less direct U.S. involvement but no less potential for U.S. capital to benefit.
From APEC’s inception, its meetings have been subject to huge protest mobilizations of the people — in the Republic of Korea (South Korea), Thailand, the Philippines and other host nations. Free trade agreements are a haunting and powerful framework and device deployed under neoliberal capitalism.
Its deals often result in the poorer “developing” countries accumulating massive debt through loans and military sales, while chipping away at workers’ rights and working conditions worldwide through endless deregulation.