The APEC Finance Ministers' Process (FMP) is a forum for APEC member economies to address regional macroeconomic and financial issues as well as domestic and regional financial policy priorities. It was established in 1993 by APEC leaders to jointly approach economic challenges facing the Asia-Pacific region.
Finance ministers have been meeting annually since 1994. Prior to each Finance Ministers’ Meeting (FMM), finance and central bank deputies and senior finance officials gather to consult on the priorities for the year and finalize the deliverables for ministers to endorse.
In 2015, APEC finance ministers launched the Cebu Action Plan (CAP), with the goal of building an APEC community that is more financially integrated, transparent, resilient, and connected. The CAP seeks to promote policies, rules and practices across APEC economies to support strong, sustainable, inclusive and balanced growth throughout the region, and to:
- facilitate trade and investment in the region;
- pursue good governance, fiscal reforms, and sound fiscal policies;
- deepen financial markets that offer diversified financial instruments, advance financial inclusion for all households and business (including those led by women), and enhance financial resilience to market volatility, and mitigate risks of natural disasters; and
- mobilize more financing for quality infrastructure development to sustain growth.
The CAP indicated initiatives and deliverables that APEC finance ministers recognize as broadly beneficial to APEC as a whole, and encourage those economies that are willing and able to pursue them.
In 2021, finance ministers adopted a New Strategy for the Implementation of the Cebu Action Plan with a view to achieve its goals by 2025, in support of the APEC Putrajaya Vision 2040.
The FMP works closely with the APEC Business Advisory Council (ABAC) and the following key external partners:
- Asian Development Bank
- Inter-American Development Bank
- International Monetary Fund
- Organization for Economic Co-operation and Development
- World Bank Group
Last Update: September 2023
Contacts
FMM Chair
Treasury APEC Team: [email protected]
FCBDM Chair
Treasury APEC Team: [email protected]
SFOM Chair
Treasury APEC Team: [email protected]
APEC Coordinator
Treasury APEC Team: [email protected]
Program Director
Current Activities
The FMP priorities in 2023 are:
- Sustainable Finance
- Digital Assets
- Modern Supply Side Economics
Key Dates of APEC FMP Meetings in 2023
| Dates and Locations | Event |
|---|---|
25-26 February Palm Springs, CA | Finance and Central Bank Deputies’ Meeting (FCBDM) |
30-31 July Seattle, WA | Senior Finance Officials’ Meeting (SFOM) |
12-13 November San Francisco, CA | Finance Ministers’ Meeting (FMM) |