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Finance Ministers' Process

The APEC Finance Ministers' Process (FMP) has served as a forum for APEC member economies to address regional macroeconomic and financial issues as well as domestic and regional financial policy priorities.

APEC Leaders established the FMP during their first meeting in 1993 to consult on broad economic issues and jointly address economic challenges facing the region.

Finance Ministers have met annually since 1994. Prior to each Finance Ministers’ Meeting (FMM), Finance and Central Bank Deputies and Senior Finance Officials gather to consult on the priorities for the year and finalize the deliverables for Ministers to endorse.

In 2015, APEC Finance Ministers launched the Cebu Action Plan (CAP), with the goal of building an APEC community that is more financially integrated, transparent, resilient, and connected. The CAP seeks to promote policies, rules and practices across APEC economies to support strong, sustainable, inclusive, and balanced growth throughout the region, and to:

  • facilitate trade and investment in the region;
  • pursue good governance, fiscal reforms, and sound fiscal policies;
  • deepen financial markets that offer diversified financial instruments, advance financial inclusion for all households and business (including those led by women), and enhance financial resilience to market volatility, and mitigate risks of natural disasters; and
  • mobilize more financing for quality infrastructure development to sustain growth.

The CAP consists of four pillars: (1) Promoting Financial Integration; (2) Advancing Fiscal Reforms and Transparency; (3) Enhancing Financial Resiliency; and (4) Accelerating Infrastructure Development and Financing.

Under each of the four pillars, the CAP indicates initiatives and deliverables that APEC Finance Ministers recognize as broadly beneficial to APEC as a whole, and APEC Finance Ministers encourage those economies that are willing and able to pursue them. 

The FMP works closely with the APEC Business Advisory Council (ABAC) and the following key external partners:

  • Asian Development Bank (ADB)
  • Inter-American Development Bank (IADB)
  • International Monetary Fund (IMF)
  • Organization for Economic Co-operation and Development (OECD)
  • World Bank Group (WBG)

Last Update: August 2021


Contacts

James Beard (Mr)
SFOM Chair
Director, Economic System, New Zealand Treasury
Email: [email protected]
Dr Caralee McLiesh
FCBDM Chair
Secretary and Chief Executive to the Treasury, New Zealand
Hon Grant Robertson
FMM Chair
Deputy Prime Minister and Minister of Finance, New Zealand
Felicity HAMMOND (Ms)
Program Director

Current Activities

The priorities for FMP under New Zealand’s host year in 2021 are:

Macroeconomic outlook and COVID-19 responses

Officials will discuss the impact of the pandemic, economic outlook and future policy responses. An informal Finance Ministerial Meeting will be held with ABAC to discuss the impacts of COVID-19 on business and the policy responses needed to support business going forward.

Future of fiscal policy and budget frameworks

Officials will discuss fiscal policy and budget frameworks in light of COVID-19 and in the long term. Workshops will be held to examine fiscal policy and budget frameworks in more depth. 

FMP future success

Officials will discuss the Cebu Action Plan (CAP) refresh and implementation strategy for the second half of the 10-year CAP timeframe (2021–2025). FMP’s contribution to the Putrajaya Vision 2040 implementation plan will also be discussed.

Key Dates of APEC FMP Meetings in 2021

Dates

Event

17 - 18 March 2021

First Finance and Central Bank Deputies’ Meeting (FCBDM)

22 – 23 June 2021

First Senior Finance Officials’ Meeting (SFOM)

25 June 2021

Informal Ministerial/ABAC Business Leaders Meeting

22 October 2021

Finance Ministers’ Meeting (FMM)