Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


APEC Finance Ministers Focus On Inclusive, Sustainable COVID Recovery

Hon Grant Robertson
Minister of Finance

APEC finance ministers will continue to work together to respond to the effects of COVID-19 and ensure a sustainable and inclusive recovery while capitalising on the opportunity to build a more resilient future.

The New Zealand Minister of Finance and Deputy Prime Minister Grant Robertson chaired the virtual APEC Finance Ministers’ Meeting from Wellington.

“While economic activity in the region has rebounded and vaccination rates are rising, the recovery from COVID-19 has been uneven. Some sectors, such as tourism, small and medium-sized businesses, and some groups, such as women and indigenous peoples, continue to be disproportionately impacted by the pandemic,” Grant Robertson said.

“Finance ministers have had constructive discussions on the actions and policies APEC economies have implemented to combat the pandemic and the need for a balanced approach to preserve long term fiscal sustainability while supporting wellbeing, targeting support to where it is needed most and tackling long-standing issues of climate change and biodiversity loss.

Attendees included finance ministers from all 21 APEC economies, APEC Business Advisory Council Chair Rachel Taulelei, representatives from the OECD, IMF, WBG, and ADB, and incoming APEC Finance Ministers’ Process Chair Minister Arkhom Termpittayapaisith of Thailand.

In a joint statement issued after the meeting, the APEC finance ministers agreed to use all available policy tools to address COVID and support a strong, sustainable, balanced and inclusive recovery; maintain macroeconomic and financial stability; refrain from competitive exchange rate devaluations; step-up efforts to expand vaccine manufacture and supply and support global vaccine sharing efforts; reiterate the importance of a free and fair trade and investment environment with the WTO at its centre; and accelerate the digital transformation.

Ministers also agreed on the refreshed Cebu Action Plan strategy, which encourages economies to pay due regard to APEC’s new guiding document, the APEC Putrajaya Vision 2040, and APEC’s new structural reform agenda, the Enhanced APEC Agenda for Structural Reform.

“It was a privilege to join with fellow APEC finance ministers to strengthen our bonds and to reflect on our collective progress to respond to the COVID-19 pandemic. This meeting has reinforced that we have strategies and tools available to us that can continue to drive recovery while also tackling climate change and improving the wellbeing of people across all APEC economies,” Grant Robertson said.

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Dubious Wisdom Of Raising Interest Rates

During the last half of the 1990s, the first flickering signs of economic growth would cause then-Reserve Bank governor Don Brash to hike up interest rates and stamp them out. The fear back then was that if left unchecked, the embers of economic activity might cause the same inflationary fires to come roaring back to life that the West had experienced in the late 1970s. At the time, Brash would justify raising interest rates on the grounds that as RB governor, he always needed to be looking 18 months ahead, and judging where things might go by then, if he didn’t act now... More>>


Luxon: A New National For New Zealand
National Party Leader Christopher Luxon has today announced a new National for New Zealand – a fresh, energised alternative government ready to deliver for Kiwis in 2023... More>>

Cancer Society: Hopes Final Pharmac Report Is Stronger

Today the delayed Interim Report was released by the Pharmac Review Panel. The performance of Pharmac and access to cancer drugs is a major concern for the Cancer Society... More>>

Defence: New Zealand Response To Assist Peace And Stability In Solomon Islands
The New Zealand government has announced that it will deploy Defence Force and Police personnel to Honiara to help restore peace and stability. “New Zealand is committed to its responsibilities and playing its part in upholding regional security,” Prime Minister Jacinda Ardern said.... More>>

CPAG: Child Poverty Monitor 2021 Highlights Persistent Inequities In Rates Of Child Poverty
Child Poverty Action Group (CPAG) welcomes the release of the Child Poverty Monitor today, which shows that prior to the Covid-19 pandemic, poverty reduction targets were largely on track for Pākehā children, however significant inequities remained for tamariki Māori, Pacific and disabled children... More>>

National Party: Bridges Appointed Finance & Infrastructure Spokesperson

Hon Simon Bridges is the National Party’s new Finance and Infrastructure spokesperson, National Leader Christopher Luxon announced today. “Simon has prodigious skills, incredible talent and the intellectual heft needed to excel as National’s Finance spokesperson,” Mr Luxon says.... More>>

Waitangi National Trust: Waitangi Week
The Waitangi National Trust has decided there will be no in-person events at Waitangi Treaty Grounds during Waitangi Week 2022. Under the COVID-19 Protection Framework it would be practically impossible to safely proceed with the usual events of Waitangi commemorations... More>>




InfoPages News Channels