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.
In 2021, Finance Ministers adopted a New Strategy for the Implementation of the Cebu Action Plan with a view to achieve its goals by 2025, in support of the APEC Putrajaya Vision 2040.
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: February 2022
The FMP priorities in Thailand’s APEC host year 2022 were:
- Sustainable Finance
The FMP explored funding tools, policies, and best practices in the fiscal policy domain and in the financial market, which can be adopted to promote green growth and sustainable finance. Officials shared experiences and lessons learned on the development of ecosystems supporting sustainable growth through a workshop.
- Digitalization for Digital Economy
Recognizing the role of digitalization in recovery efforts from the COVID-19 pandemic, FMP officials exchanged views on economic response measures and the use of digital technology and advanced work on cross-border payments and remittances. In addition, FMP officials discussed how digital tools and their corresponding regulatory frameworks can support businesses and promote inclusive growth by making services and resources more accessible to people and businesses and more conducive to trade and investment.
Key Dates of APEC FMP Meetings in 2023
|Dates and Locations||Event|
25-26 FebruaryPalm Springs, CA
|Finance and Central Bank Deputies’ Meeting (FCBDM)|
Late July/Early AugustSeattle, WA
|Senior Finance Officials’ Meeting (SFOM)|
NovemberSan Francisco, CA
|Finance Ministers’ Meeting (FMM)|