NO.069

Treasurer Welcomes APEC Finance Ministers to Australia

The Treasurer, Mr Peter Costello, today welcomed APEC finance ministers to the 14th APEC Finance Ministers’ meeting in Australia in Coolum on Queensland’s Sunshine Coast.

“I am delighted to host the APEC Finance Ministers’ meeting for 2007 and look forward to enjoying a productive meeting with my colleagues,” said Mr Costello.

APEC brings together 21 economies for high level economic talks and follows the success of the G-20 meeting in Melbourne last year.

“Although, we have moved forward in leaps and bounds, economic growth, development and stability continue to be vitally important in the Asia Pacific region,” said Mr Costello.

“Last year, we discussed the impact of higher oil prices on the performance of the world economy and global imbalances. This year, we will be examining economic issues of importance to continued growth in the region, including climate change and energy security, investment and structural reform, deepening private capital markets and the sustainability of government finances.

The Treasurer said he would also work to promote and develop APEC’s structural reform agenda and strengthen APEC’s activities in the important area of investment.

The Treasurer welcomed finance ministers to join him in a ministers-only retreat to informally discuss issues of economic and strategic relevance to the region and a working lunch with business representatives.

A central part of the Asia Pacific economic architecture, the APEC Finance Ministers’ meeting provides an annual forum for ministers to actively exchange views on regional macroeconomic and financial developments and on national and regional policy priorities. High-level representatives from the International Monetary Fund, the World Bank and the Asian Development Bank also attend.

COOLUM

1 August 2007

Contact:  David Gazard – 0428 405 107