APEC FMM 13 Closes, Joint Ministerial Statement Released

The 13th APEC Finance Ministers’ Meeting (FMM 13) finished in Hanoi on September 8 with the release of the Joint Ministerial Statement stressing the commitments and measures on promotion of public finance efficiency, capital flow attraction, and restart of Doha round talks.

 

The two-day meeting focused on tax incentives that affect fiscal revenue sources, and sharing tax reform experience to help the development of efficiency and sustainable revenue.

 

APEC finance ministers agreed that the capital flows can be a powerful force for development and growth in member economies, provide additional resources for productive investments, enhance access to technology, and improve competitiveness and efficiency.

 

They also stressed the importance of early conclusion of regional trade agreements and free trade agreements that can make an important contribution to trade liberalization and help invigorate the Doha round negotiations.

 

The delegates also discussed the current economic and financial conditions of the region and some major economies, hence obtaining a great consensus on the policy actions and cooperation arrangements to deal with the challenges and risks related to global imbalance, to mitigate the negative impacts of increasing oil price, natural disasters and epidemics, and to respond to changing global climate in the coming future.

 

The meeting reportedly realized the interests and proposals of the private sector on policy issues of financial sectors in the region and highly appreciated the contribution of the APEC Business Advisory Council (ABAC) into the performance of the Finance Ministers' Process in 2006.

 

It also adopted recommendations and proposals by the Finance and Central Bank Deputies’ Meeting on the Updated Strategic Objectives and Hanoi Medium-Term Agenda.

 

The meeting agreed that the 14th APEC FMM will be held in Australia on August 2-3, 2007.

 

The Asia-Pacific Economic Cooperation includes 21 economies, which account for around half of the world’s trade and more than 55 per cent of global GDP. It first met in 1989.