AFMM Issues Joint Ministerial Statement

The 8th APEC Finance Ministers Meeting (AFMM) successfully concluded its two-day meeting in Suzhou and released a Joint Ministerial Statement Sunday afternoon.

According to the statement, delegates reviewed the process of the 8th AFMM. In his report to the meeting, Jin Liqun, head of the Chinese delegation and Vice Minister of the Chinese Ministry of Finance, briefed on the work of the APEC Finance and Central Bank Deputies meeting, the progress of the policy initiatives under the AFMM, the Strategic Goals of the AFMM, the reform of the agenda of the AFMM and the links of AFMM to related forums. Ministers adopted the report.

Delegates discussed the Strategic Goals of the AFMM, which was proposed by New Zealand. The goals include 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.

According to the statement, delegates listened to the reports presented by APEC Business Advisory Committee (ABAC), APEC Financiers Group (AFG), Pacific Economic Cooperation Committee (

PECC), and had a dialogue with them on issues of common interests.

Prior to the conclusion of the meeting, Ministers adopted the three reports: the Joint Ministerial Statement of the 8th AFMM; APEC Finance Ministers' Input to the APEC Economic Leaders' Declaration and Progress Report on Reform of the International Financial Architecture. These three reports will be submitted to the 9th APEC Economic Leaders Meeting to be held in Shanghai in October this year.

According to the Joint Ministerial Statement of the 8th AFMM, the 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.

The 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, the statement said.

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, the statement said.

The ministers also reaffirmed their strong support for the launch of a new round of global trade negotiations at the coming WTO Qater Conference.

The statement said that the 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 and provide guidelines for related reforms.

The ministers also urge continued efforts to reform towards more efficient international financial institutions (IFIs). They agree that regional cooperation has an important role to play and welcome recent developments in this field, the statement said.

The APEC Finance and Development Program, a new initiative proposed by China has been adopted at the meeting as a component of the Annex to the Joint Ministerial Statement.

The meeting also decided that the next AFMM will be held in Mexico in September 2002.

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