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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 1950- Belgium, Germany, France, Italy, Luxembourg and the Netherlands form the European Coal and Steel free trade area • 1 January 1993- 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 •Cyprus •Ireland •Malta •Greece •Romania •Spain •Bulgaria •Czech Republic •United Kingdom •Slovakia •Latvia •Poland •Lithuania •Hungary •Estonia •Slovenia •Finland ASEAN • Association of • South • East • Asian • Nations 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 2nd and 3rd 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