The Asia- Pacific Economic Cooperation or APEC has 21 member countries representing the interests of the Asia-Pacific region. APEC brings the idea of regionalism to Asia. Since it represents 47 per cent of world trade, APEC is regarded as a very significant regionalized organization. Throughout the 1970s and 1980s, economies in the Asia-Pacific region grew significantly. During this time the Asian Tigers developed and several countries moved their economic status from less developed to industrialized. The organization was established in 1989 as interdependence between the economies grew. Today the goals of the organization are to collectively strengthen relationships among member and nonmember countries and enhance economic growth for the region. Specifically concerning trade, APEC hopes to enact free trade for the industrialized members by 2010 and for less developed economies by 2020.