West Timor, Australian Economy, Employment, Australia/Indonesia RelationsSeptember 7, 2000
World Economic Forum, oil, dollarSeptember 11, 2000
Seventh APEC Finance Ministers’ Meeting
The Seventh APEC Finance Ministers Meeting in Brunei Darussalam (9-10 September)
issued a call for appropriate increases in supplies of oil and emphasised the risks to the
world economy of oil price volatility.
There was vigorous exchange of views on progress in reform of the international
financial architecture, and the meeting noted the need for continuing structural reform of
Trade liberalisation remains central to the achievement of sustainable increases in
economic growth. At the same time, the benefits of trade liberalisation can be fully
realised only with on-going structural reform, including reform of social safety nets.
Finance Ministers have undertaken a wide range of measures aimed at promoting good
governance, transparency and better prudential supervision. At the meeting they reaffirmed
their commitment to persevere with this ambitious agenda of structural reforms and
APEC work has helped to identify priority reforms and to facilitate progress in these
areas. At the meeting I reported on two new Australian led APEC initiatives one to
improve the regulation of the life insurance industry in the region, and the other to
improve financial and accounting disclosure.
The Australian work in APEC last year to promote reform of insolvency regimes is now
being carried forward by Indonesia with Australian assistance. As I promised at the
previous APEC Finance Ministers meeting in Langkawi, Malaysia, Australia has
delivered well-received corporate governance training programmes. New Zealand is now
leading work forward to set up a policy dialogue to encourage reform of corporate
New Zealand is also leading another important initiative to examine the best policies
for liberalising capital markets while maintaining stability.
APEC remains a useful forum for discussing progress in the reform of international
architecture. Canada, as chair of the G20, was able to inform regional economies of recent
The APEC Financiers Group and the APEC Business Advisory Council also gave their views
to Finance Ministers. ABAC provided a useful perspective on the promotion of international
standards in financial markets. ABACs made a constructive proposal for the creation
of a regional grouping of company directors to promote better corporate governance.
BANDAR SERI BEGAWAN
10 September 2000