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Finance Ministers' Process

The APEC Finance Ministers' Process (FMP) is a forum for APEC member economies to address regional macroeconomic and financial issues as well as domestic and regional financial policy priorities. It was established in 1993 by APEC leaders to jointly approach economic challenges facing the Asia-Pacific region.

Finance ministers have been meeting 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 indicated initiatives and deliverables that APEC finance ministers recognize as broadly beneficial to APEC as a whole, and 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
  • Inter-American Development Bank
  • International Monetary Fund
  • Organization for Economic Co-operation and Development
  • World Bank Group

    Last Update: January 2024


    Contacts

    Janet L. Yellen (Dr)
    FMM Chair
    Secretary of the Treasury
    Treasury APEC Team: [email protected]
    Brent Neiman (Dr)
    FCBDM Chair
    Counselor to the Secretary
    Treasury APEC Team: [email protected]
    Jerrod Mason (Mr)
    SFOM Chair
    Director, Office of South and Southeast Asia
    Treasury APEC Team: [email protected]
    Erinn Taucher (Ms)
    APEC Coordinator
    Office of South and Southeast Asia
    Treasury APEC Team: [email protected]
    Julie Kolokotsa (Dr)
    Program Director

    Current Activities

    The FMP priorities in 2023 were:

    • Sustainable Finance
    • Digital Assets
    • Modern Supply Side Economics

    Key Dates of APEC FMP Meetings in 2023

    Dates and LocationsEvent

    25-26 February

    Palm Springs, CA
    Finance and Central Bank Deputies’ Meeting (FCBDM)

    30-31 July

    Seattle, WA
    Senior Finance Officials’ Meeting (SFOM)

    12-13 November

    San Francisco, CA
    Finance Ministers’ Meeting (FMM)

    On 12-13 November 2023, U.S. Treasury Secretary Janet Yellen chaired the APEC Finance Ministers’ Meeting, which included a session focused on the global and regional economic and financial outlook.  The second session focused on “modern supply side economics” and APEC economies discussed their strategies to enhance long-run growth outcomes while reducing inequality and environmental harm.  The meeting’s third session focused on sustainable finance and APEC finance ministers emphasized their efforts to mobilize and scale finance to promote domestic energy transitions and discussed regulatory approaches to voluntary carbon markets.  In the final session, Finance ministers discussed the potential advantages and risks associated with digital assets and various regulatory approaches to digital asset development. The 2023 FMM Statement can be found here and its accompanying Chair’s Statement here