APEC Finance Ministers first met in 1994 in Honolulu, USA. Since then they have met annually, most recently in August 2007 in Queensland, Australia. Meetings are also held between the Ministerial meetings at the Finance and Central Bank Deputies and Senior Finance Officials (previously known as the Technical Working Group) levels.
Senior Finance Officials met in Cusco from 10-11 July, 2008 to develop the policy themes and deliverables for the 15th Finance Ministers' Meeting to be held on 5-6 November, 2008, in Trujillo, Peru. The themes are "Improving Pubic Sector Expenditure, including Results-based budgeting" and "Capital markets reform."
Member economies and partners in the FMP process, including ABAC, the OECD, World Bank and IMF, examined papers and relevant case studies prepared by officials on these two themes. A dynamic discussion of current global and regional economic issues also took place, focusing on current financial market turbulence, implications of the U.S. sub-prime mortgage crisis, inflationary issues and the current global escalation in food and fuel prices. Members also discussed appropriate policy responses to spiraling fuel and food prices include fostering market stability in the oil market and in the food market; more open and realistic policies in relation to biofuels by developing countries; removing supply-side constraints and opening agricultural markets; food aid and cash transfers to poor; and continued vigilance by central banks on the need to avoid second round effects. Senior Finance Officials also agreed to develop terms of reference for a study on behind-the-border structural impediments to efficient food transport, storage and infrastructure.
In 2008 Senior Finance Officials are also working with Economic Committee officials in preparation for the APEC Structural Reform Ministers' Meeting, to be hosted by Australia in August 2008. This meeting will address the benefits of structural reform, with a particular focus on competition and regulatory reform; strategies for successful implementation of reform, including political considerations; and robust legislative and institutional frameworks.
