NO.085

I will be attending the inaugural Ministerial meeting of the G-20 in Berlin on 15-16

December 1999.

The newly formed G-20 comprises the systemically important countries in the world

financial system. In addition to the G-7 economies and Australia, the members include

Argentina, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa,

South Korea, Turkey and the European Union.

The G-20 will discuss key challenges facing policy-makers in an increasingly integrated

financial community, including reforms to strengthen the international financial system.

Australia’s membership of the G-20 is recognition of the strong performance of the

Australian economy and the contribution this Government has made to regional and

international financial issues in the wake of the Asia crisis. In particular, Australia

has played a high profile role in promoting international financial reform in APEC, the

IMF, and the Manila Framework Group. In June this year, Australia was also asked to join

the Financial Stability Forum which in addition to the G-7 includes Australia, Hong Kong

SAR, Singapore and the Netherlands.

The G-20 will play an important role as a forum for informal high-level dialogue and

forge stronger ties among national policy-makers. Some of the tasks facing the Group will

be to identify emerging policy challenges and add momentum to efforts to reform the

international financial system.

For the first two years, the G-20 will be Chaired by Paul Martin, the Canadian Minister

for Finance.

Following the G-20 meeting in Berlin I will be going to Paris on 17 December to meet

with the Secretary General and the Council of the Organisation for Economic Co-operation

and Development (OECD) in preparation for my chairing of the OECD Council meeting at

Ministerial level (MCM) in June 2000.

The OECD comprises the 29 nations which are the world’s leading industrial

economies. The annual MCM meeting is attended by finance, trade and/or foreign ministers

from OECD Member countries, and examines the economic, trade and social policy challenges

facing OECD countries as well as setting priorities for OECD over the coming year.

Australia’s chairing of the MCM in 2000 is yet further international recognition

of the strong performance of the Australian economy.

I will return to Australia on 19 December.

CANBERRA

10 DECEMBER 1999