OPEC Organization of Petroleum Exporting Countries Cartel that sets oil prices and supply –Formed to resist European and American companies –Hold 80% of the world’s oil reserves –Iran, Iraq, Kuwait, Qatar, Saudi Arabia, United Arab Emirates, Libya, Nigeria, Venezuela, Algeria, Ecuador, Angola

Founding of OPEC OPEC’s formation by five oil-producing countries in Baghdad in September 1960 occurred at a time of transition in the international economic and political landscape; with extensive decolonization. Many new independent states in the developing world

The mission OPEC is to coordinate and unify the petroleum policies of its Member Countries Ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers To provide a steady income to producers and a fair return on capital for those investing in the petroleum industry

European Union 9 May Belgium, Germany, France, Italy, Luxembourg and the Netherlands form the European Coal and Steel free trade area 1 January the single market is established with free movement of goods, services, people, and money. 29 October 2004-European Constitution established

EUROPEAN UNION The EU was created in the aftermath of the second world war. The first steps were to foster economic cooperation countries that trade with one another are economically interdependent and will thus avoid conflict

the union has developed into a huge single market with the euro as its common currency. The E.U. has delivered over 50 years of peace, stability, and prosperity, helped raise living standards, and is building a single Europe-wide market in which people, goods, services, and capital move among Member States as freely as within one country.

The European Union

Austria Germany France Belgium Netherlands Italy Luxembourg Denmark Sweden Portugal Ireland Greece Spain Czech Republic Slovakia Poland Hungary Slovenia Cyprus Malta Romania Bulgaria United Kingdom Latvia Lithuania Estonia Finland

ASEAN Formed on 8 August 1967 Includes Indonesia, Malaysia, the Philippines, Singapore and Thailand Brunei, Burma (Myanmar), Cambodia, Laos, and Vietnam The motivations for the birth of ASEAN were so that its members’ governing elite could concentrate on nation building formed to prevent Indonesia from becoming a hegemony

ASEAN’S GOALS Accelerate the economic growth, social progress, and cultural development in the region through joint endeavors Promote regional peace and stability by respecting justice and rule of law in the relationships between countries To work together and assist one another on matters of common interest

NAFTA On January 1, 1994, the North American Free Trade Agreement between the United States, Canada, and Mexico (NAFTA) entered into force. Created the world’s largest free trade area Mexico and Canada are now the top buyers of American products Canada and Mexico are the 2 nd and 3 rd largest suppliers to the United States

NAFTA’S GOALS Eliminate barriers in trade and make it easier to trade goods and services across borders of member nations Promote conditions of fair competition Increase investment opportunities in member nations