APEC was established in 1989 as a free-trade bloc in the Pacific region. The organization has 12 founding members, including the US, Thailand, and Singapore. APEC represents countries from North America, South America, Australia, and Asia
Free trade means unrestricted import and export between countries. Most industrialized nations use hybrid free trade agreements (FTAs). GATT replaced by WTO in 1995, now 164 countries participate. Many countries still impose protectionist measures like tariffs
Free trade area comprising Bolivia, Colombia, Ecuador, and Peru. Headquarters located in Lima, Peru. Has 113 million inhabitants over 4.7 million km² area. GDP reached US$745.3 billion in 2005, excluding Venezuela
Free trade means unrestricted imports and exports without tariffs or barriers. Most nations are members of World Trade Organization. Trade openness increased significantly from 1815 to World War I. Current levels of trade openness are highest ever
Canada has a highly developed mixed economy with nominal GDP of $2.215 trillion (2024). The service sector employs 70% of the workforce and accounts for 70% of GDP. Canada is one of the world's largest trading nations with $2.016 trillion trade in 2021
Mercantilism aims to maximize exports and minimize imports for national wealth. Developed during Renaissance as codified economic theory. Emphasizes government regulation for state power and trade protection. Promotes high tariffs and restrictions on foreign trade