The Asia-Pacific Economic Cooperation (APEC), is an economic group of 21 members, formed in 1989, with the primary goal of promoting free trade and sustainable development in the Pacific Rim economies. The creation of APCE was primarily in response to the increasing interdependence of Asia-Pacific economies The creation of APCE was primarily in response to the increasing interdependence of Asia-Pacific economies. Also, the proliferation of regional economic blocs, such as the European Union (EU) and the, now defunct, North American Free Trade Area (NAFTA), encouraged its formation.