NO.050

EMBARGO

THE 9^TH APEC FINANCE MINISTERS’ MEETING IN MEXICO

The Treasurer will visit Mexico this week to attend the APEC Finance Ministers’

Meeting in Los Cabos, to finalise the Australia-Mexico Double Taxation Agreement

and launch the new Mexican 20 peso note which uses Australian polymer technology.

The APEC Finance Ministers’ Meeting will provide an opportunity for regional

Finance Ministers to emphasise the importance of APEC’s goals of free trade

and investment, and to discuss corporate governance and measures to combat the

financing of terrorism.

In addition, the meeting will provide an opportunity for discussion on the

economic outlook for the region.

During his visit to Mexico, from 4 September to 10 September, the Treasurer

will also finalise the Australia-Mexico Double Taxation Agreement (DTA).

The Australia-Mexico DTA is designed to promote closer economic cooperation

between Australia and Mexico by eliminating possible barriers to trade and investment

caused by the overlapping tax jurisdictions of the two countries. This DTA completes

Australia’s tax treaty network with NAFTA countries.

The Treasurer will also launch a new Mexican 20 peso banknote which uses the

Australian developed and manufactured polymer technology. The 20 peso note will

be the first polymer banknote issued by Banco De Mexico and will be released

into circulation on 30 September, 2002. Banco De Mexico requires in excess of

480 million notes of which 180 million have been printed in Australia, and the

balance in Mexico.

Since the first polymer note was issued in Australia in 1988 demand for this

technology has increased significantly with polymer notes now being issued in

19 countries.

CANBERRA

2 September 2002

Contact: Niki Savva

02 6277 7340