The APEC Finance Ministers’ Meeting and related meetings (FMM) will begin on Thursday in the ancient city of Hoi An, the central province of Quang Nam, chaired by the Vietnamese Ministry of Finance (MoF).

This is the most important event under the APEC Finance Ministers’ Process and a key event in preparations for the APEC Economic Leaders’ Week, slated for November 6-11 in Da Nang City.

Vu Nhu Thang, director of the MoF’s International Co-operation Department, said APEC Finance Ministers will discuss global and regional macroeconomic and financial development, review financial co-operation on four priorities through the year while updating on the implementation of the Cebu Action Plan.

Prior to the APEC FMM which will take place on October 21, thee APEC Senior Finance Officials’ meeting and APEC Finance and Central Bank Deputies Meeting will be held on Thursday and Friday to prepare documents to send to the ministers at the FMM.

The ministers will also spend time in a dialogue with the APEC Business Advisory Councial (ABAC) and leaders of major enterprises and business groups in the region. On the sidelines of the conference, ministers will have a closed-doors meeting to discuss issues of concern.

Four priorities

Four co-operation priorities were initiated by Viet Nam and approved at the APEC Finance and Central Bank Deputies Meeting in Nha Trang City in February.

They include long-term investment in infrastructure, disaster risk financing and insurance, tax avoidance through base erosion and profit shifting (BEPS), and co-operation in the financial field.

“These are major challenges in the region which require joint efforts to address,” Thang told Vietnam News Agency.

Thang said APEC Finance Ministers will discuss policies to encourage the private sector to invest in infrastructure, emphasising risk-sharing solutions.

Ministers will also discuss solutions to enhance co-operation in combating tax avoidance and profit shifting in the region; as well as debate financial solutions for disaster risk management and improving access to financial services in agriculture and rural areas.

The three-day event is expected to welcome some 300 international and domestic delegates, including finance ministers, financial officials and senior members of international financial institutions such as the International Monetary Fund, the World Bank, the Asian Development Bank and the Organisation for Economic Cooperation and Development. – VNS