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.
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The Cebu Action Plan was agreed by Finance Ministers during the Philippines’ 2015 host year and sets out the 10-year
high-level work programme of the Finance Ministers’ Process. 2021 marks the year of a mandated mid-point review. The
review gives an opportunity for economies to consider the impact of COVID-19 and the recently agreed Putrajaya Vision
2040. As part of the strategy refresh New Zealand has recommended the adoption of a Champion Economies model which would
allow individual economies to volunteer to run multi-year work programmes on specific policy issues.