5 September 2000 Media Advisory

NZ to Co-chair APEC Finance Ministers at Brunei

Finance Minister Michael Cullen and Brunei Minister of Industry and Primary Resources, Pehin Abdul Rahman Taib, will co-chair the 7th APEC Finance Ministers meeting in Bandar Seri Begawan, Brunei on September 9 and 10.

Dr Cullen said today he was looking forward to the challenge.

"We have a busy programme.

"APEC responded to the Asian crisis by intensifying work to strengthen the international financial architecture.

"Standards, codes and guidelines are being developed in a variety of areas including; banking supervision, securities and insurance regulation, the dissemination of economic data and the transparency of monetary, financial and fiscal policies.

"The Voluntary Action Plan for Freer and More Stable Capital Flows is New Zealand's major policy initiative for APEC. This recognises the emergence of global capital markets, and the importance of maintaining cross-border capital mobility while putting in structures for effective risk management.

"Another item on the agenda is the need to develop mechanisms to fight financial crime, including money laundering and international tax evasion," Dr Cullen said.

"In addition to the formal proceedings, I have bi-laterals arranged with: the Finance Minister for China, HE Xiang Huai-cheng; Canadian Finance Minister Paul Martin; the US Secretary of the Treasury, Lawrence Summers, and the Australian Federal Treasurer, Peter Costello.

"I will also have the opportunity when in Singapore en route to Brunei to meet Singapore's Finance Minister Richard Hu and the leader of the Singapore delegation to APEC, Second Finance Minister Lim Hng Kiang.

"These are all important players in the world economy so it will be useful to get their perspective on world economic trends," Dr Cullen said.

ENDS

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