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8th APEC FMM Ends in Suzhou, China
8th APEC FMM Ends in Suzhou, China
The 8th APEC Finance Ministers Meeting (AFMM) concluded in Suzhou Sunday, producing the Joint Ministerial Statement as a wrap-up to the successful event.
The key points of the Joint Ministerial Statement are as follows:
Ministers took stock of the latest global and regional macroeconomic developments and the policy challenges faced by APEC economies, and called for capacity building in policy areas that directly contribute to financial stability and economic growth in the region and ask to look at ways to encourage greater economic integration and openness across the region.
Ministers stress the importance for all members of the international community to take timely and appropriate policy actions to facilitate an early pick-up in global economic activity, and to further promote structural reforms.
While admitting that globalization is crucial to improving living standards, ministers stress the need to take appropriate actions to address related challenges and realize poverty reduction and economic growth on a fair and equitable basis.
Ministers also reaffirm their strong support for the launch of a new round of global trade negotiations at the coming WTO Qater Conference.
Ministers underscore the importance of promoting financial stability and crisis prevention.
They welcome and encourage further efforts in the area of international financial architecture reform by the international community.
Ministers agree that regional cooperation has an important role to play and welcome recent developments in this field.
Delegates also discussed the Strategic Goals of the AFMM, prepared by New Zealand. The goals are divided into five parts:
-- sustainable and broad-based growth with equity in the APEC region;
-- good corporate governance and public sectors management;
-- stable and efficient financial markets;
-- greater economic cooperation, integration and openness among APEC economies;
-- facilitation of economic and technical cooperation within the region in pursuit of the above goals.
APEC Business Advisory Committee (ABAC), APEC Financiers Group (AFG), Pacific Economic Cooperation Committee (PECC), reported their work of the past year to the ministers, and talked with them about issues of common interests.
The APEC Finance and Development Program, a new initiative proposed by China, has also been approved by the ministers and will be submitted to APEC Economic Leaders'Meeting in October.
The next AFMM will be held in Mexico in September 2002.
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