The APEC FMP’s work in 2013
continued to focus on supporting the global recovery. Work also occurred on
financial inclusion, treasury systems development, infrastructure and trade
FMP activities undertaken in
Developing a regional initiative on infrastructure investment that will help facilitate long-term private finance for projects in the region, including developing government capacity to undertake public-private partnership projects.
Strengthening capacity building for financial inclusion to help increase access to responsible finance, including the use of alternative solutions to address physical access constraints.
Promoting treasury and budget reform to deal with fiscal and expenditure challenges and build fully effective treasury systems.
Pilot Asia Region Funds Management Passport (ARFP): Four economies (Australia, New Zealand, Korea and Singapore) signed a statement of intent and agreed on a framework to pilot the Asia Region Funds Passport. The Asia Region Funds Passport will enable operators of collective investment schemes based in passport member economies to offer their products to investors in other passport member economies, subject to a streamlined regulatory process. The Passport represents a practical step towards better integrated financial markets in the APEC region.
The Asia-Pacific Infrastructure Partnership continued its work of bringing government officials and private sector representatives together to discuss improving the financing and delivery of infrastructure projects. Further dialogues are expected in 2014.
The Tenth Annual Meeting of APEC Financial Institutions Dealing with SMEs was convened in May 2013 in Singapore.
During 2013, APEC Finance
Deputies met in Jakarta in February and in Bali, Indonesia in September. APEC
Senior Finance Officials met in Manado, Indonesia in May 2013. APEC Finance
Ministers held their annual meeting in September 2013.
In 2014 the APEC Finance
Ministers’ Process will be hosted by China, with the next Finance Ministers’
Meeting scheduled for September 2014 in Hong Kong, China.
APEC Finance Ministers and
representatives of key international financial institutions (IFIs) held the 20th
APEC Finance Ministers' meeting in Bali, Indonesia on 19 and 20 September 2013.
Ministerial Statement emphasized the importance of
APEC cooperation to achieve reforms for enhanced sustainable and balanced
growth in the region. Ministers also committed to implementing flexible fiscal
policies to promote growth and jobs while remaining committed to sustainable public
finances. They noted the following achievements in 2013:
Multi-Year Plan for Infrastructure Development and Investment to develop productivity-enhancing infrastructure projects.
Establishment of an APEC Public-Private Partnership (PPP) Experts Advisory Panel to assist infrastructure development in the region.
A Public Private Partnership (PPP) Pilot Centre in the Indonesian Ministry of Finance to help develop the resources, skills and capacity required to deliver successful projects.
Formation of the Asia Pacific Financial Forum, reporting to the APEC Finance Ministers’ Process, with potential to make a valuable contribution toward the development of sound, efficient, inclusive and integrated financial systems in the region.
Asia Region Funds Passport and the signing of a statement of intent by some members as part of a pilot launch of the Passport and to publicly consult on the detailed rules for its implementation.
Other work accomplished during
the year includes identifying innovative delivery channels, especially
branchless banking, to increase financial inclusion as well as further
exploration of trade finance programs for SMEs. An OECD survey report was also
completed on disaster risk financing practices among APEC members.
Financial Risk Appetite Frameworks
An APEC-funded training workshop took place in
2013 focusing on enhancing supervision of financial institutions risk appetite
frameworks. The workshop was held in May 2013 in Shanghai, organised by the Asia-Pacific
Finance Development Centre and the Australian APEC Study Centre. The training
workshop aimed to increase the capacity of supervisors of financial
institutions in emerging economies within the APEC region to strengthen the
implementation of sound risk appetite frameworks.
Decy ARIFINSJAH (Mr)
Chair of the Senior Finance Officials' Meeting
Head of Center for Regional and Bilateral Policy
Ministry of Finance of the Republic of Indonesia
Andrew O’SULLIVAN (Mr)