The latest updates on the implementation of the Cebu Action Plan (CAP) and activities of the APEC economic committee as well as financial cooperation progress will be the highlight of the APEC 2017 Finance and Central Bank Deputies’ Meeting, which opened in the central coastal province of Quang Nam on October 20.

At the opening ceremony, Vietnamese Deputy Minister of Finance Tran Xuan Ha said that the meeting is of significance to domestic and foreign delegates to discuss such important issues to report to finance ministers the following day.

APEC finance and bank deputies agreed on four priorities at the APEC Finance and Central Bank Deputies Meeting (FCBDM) held in Nha Trang in February, including Long-term Investment in Infrastructure, Base Erosion and Profit Shifting, Disaster Risk Financing and Insurance and Financial Inclusion, Ha said.

Vietnam has joined hands with foreign agencies to organise conferences on the four priorities, he noted, adding that both domestic and international delegates set to review all of those priorities and make recommendations for cooperation in the coming time.

Delegates will give their opinions to the draft Joint Ministerial Statement which was discussed among finance officials from 21 APEC economies on October 19 to submit the final one to the APEC Finance Ministers’ meeting on October 21.

The Asia-Pacific Economic Cooperation (APEC) is the Asia-Pacific region’s premier economic forum. Its primary goal is to support sustainable economic growth and prosperity in the Asia-Pacific region.

APEC is united in a drive to build a dynamic, sustainable and harmonious Asia-Pacific community by boosting free and open trade and investment, promoting and accelerating regional economic integration, encouraging economic and technical cooperation, and facilitating a favorable and sustainable business environment. APEC initiatives turn policy goals into concrete results and agreements into tangible benefits.

The idea of APEC was firstly publicly broached by former Australian Prime Minister Bob Hawke during a speech in Seoul, the Republic of Korea, on 31 January 1989. Ten months later, 12 Asia-Pacific economies met in Canberra, Australia, to establish APEC. The founding members were: Australia, Brunei Darussalam, Canada, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and the US.

China, Hong Kong (China) and Chinese Taipei joined in 1991. Mexico and Papua New Guinea followed suit in 1993 and Chile in 1994. In 1998, Peru, Russia and Vietnam joined the forum, taking its membership to 21.

This year marks the second time Vietnam has hosted the APEC Year after the first in 2006.

VNA