Established in 1989, Asia Pacific Economic Cooperation (APEC) aimed to promote multilateral economic cooperation on trade and investment in the Pacific.  APEC is composed of 21 countries bordering the Pacific; Progress towards free trade is hampered by the size and geographical distance between Member States and the absence of a treaty. Since 23 August 2008, the Union of South American Nations (UNASUR) has been the subject of another integration initiative. It covers all the independent states of South America, which has about 400 million people, and aims to create by 2025 a level of integration similar to that of the European Union. The WTO monitors some sixty different agreements that have the status of international legal texts. Some of the main agreements are: euro area countries: the euro introduced in 2002 promotes a single market in 17 countries of the European Union. APEC brings together emerging economies and their members account for about 40% of the world`s population, about 54% of global gross domestic product and about 44% of world trade. APEC currently has 21 members, most of which have coasts bordering the Pacific Ocean. However, the criterion for membership is that the member is a distinct economy and not a state. Accordingly, APEC uses the notion of member countries and not member states to refer to its members. APEC is a forum for 21 Pacific countries to promote free trade and economic cooperation throughout the Asia-Pacific region. The General Agreement on Tariffs and Trade (GATT) was created after World War II as a result of other new multilateral institutions devoted to international economic cooperation Long before the 40th anniversary of gatt, its members concluded that the GATT system is striving to adapt to a new globalized global economy. .