Lesson 4/44 min
OPEC, APEC, NAFTA and LAFTA
OPEC
- Organization of the Petroleum Exporting Countries; founded 14 September 1960 in Baghdad
- Headquarters Vienna, Austria; five founders: Iran, Iraq, Kuwait, Saudi Arabia, Venezuela
- 12 members: Algeria, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the UAE, Venezuela
- Qatar left in 2019, Ecuador in 2020 and Angola in 2024
- Secretary-general: Haitham Al Ghais (Kuwait)
APEC
- Asia-Pacific Economic Cooperation; first ministerial meeting November 1989 in Canberra; 12 founding members
- 21 economies now; secretariat in Singapore (since 1993)
- China hosts in 2026
- Bangladesh is not an APEC member
Did you know?: Pages 758–759 of one source are missing from our scan, so the OPEC and APEC facts come from reliable web sources. One source's exam questions give APEC's founding members as 12.
NAFTA
- North American Free Trade Agreement; three members: the US, Canada, Mexico
- Signed 17 December 1992; in force 1 January 1994
- Replaced by the USMCA from 1 July 2020
LAFTA
- Latin American Free Trade Association; the Treaty of Montevideo was signed on 18 February 1960
- Replaced by ALADI (the Latin American Integration Association) in 1980
Watch out: One source gives 17 November 1993 for NAFTA and 12 August 1960 for LAFTA. Sources give 17 December 1992 for NAFTA and 18 February 1960 for LAFTA; 12 August 1980 is the date of the ALADI treaty.
Check yourself
Where is OPEC headquartered?
At a glance
- 1
OPEC was founded on 14 September 1960 in Baghdad; headquarters Vienna; 12 members.
- 2
OPEC's five founders: Iran, Iraq, Kuwait, Saudi Arabia, Venezuela.
- 3
APEC had 12 founding members; its secretariat is in Singapore; it now has 21 economies.
- 4
NAFTA: the US, Canada, Mexico; in force 1 January 1994; replaced by the USMCA in 2020.
- 5
The LAFTA Treaty of Montevideo was signed on 18 February 1960; ALADI replaced it in 1980.