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Cullen To Attend APEC Finance Ministers' Meeting

Cullen To Attend APEC Finance Ministers' Meeting - 8 And 9 September 2001

Finance Minister Michael Cullen leaves today to take part in the 8th APEC Finance Ministers' meeting in Suzhou in the People's Republic of China on 6 September.

At the APEC Finance Ministers' meeting in Brunei last year, which Dr Cullen co-chaired, it was agreed to a recommendation from Deputies that it would be desirable to review the strategic goals and modus operandi of the APEC Finance Ministers' process.

Dr Cullen says since then, the global and regional economic situation has changed dramatically. "The recent slowdown in of some of the world's major industrial economies has cast a shadow on international growth in the short to medium term.

"This meeting provides a timely opportunity for APEC Finance Minister's to deliberate on the policy theme of the meeting "Growth with restructuring, stability and equity" and to try and agree on the right mix of economic and policy actions needed to sustain growth and development in the APEC region.

"I am sure that our concerted efforts will contribute substantially to the upcoming APEC Economic Leaders Meeting in Shanghai this October," said Dr Cullen.

Dr Cullen is expected to lead a discussion in the Finance Ministers' Process, which is a New Zealand-led work programme initiative.

The meeting programme includes a retreat for Ministers without officials present. This retreat will provide Ministers with more opportunity for informal discussion - an idea that was originally raised last year in Brunei.

As well as the APEC meeting, Dr Cullen is scheduled for a whirlwind investment tour in Hong Kong on Friday 7 September and in Shanghai on Monday 9 September.

Ends

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