2017 APEC Finance and Central Bank Deputies’s Meeting

The Meeting is co-chaired by Viet Nam’s Vice Minister of Finance, Mr. Tran Xuan Ha and Deputy Governor of the State Bank of Viet Nam Mrs. Nguyen Thi Hong. Participating the Meeting are Finance and Central Bank deputies from 21 APEC member economies and senior representatives from IMF, WB, OECD, ADB and other partners.

On the first day of the Meeting, delegates from member economies and international organizations discussed (i) Global and regional economic and financial outlook; (ii) Implementation of the Cebu Action Plan; (iii) Long-term investment in infrastructure; (iv) Base erosion and profit shifting and (v) Disaster risk financing and insurance.

On the global and regional economic and financial outlook, the Finance and Central Bank deputies discussed major difficulties and challenges faced by APEC member economies and policy responses. Sharing their view at the Meeting, representatives from international organizations agreed that (i) Global and regional economic growth was positive but still faced with difficulties and challenges, sluggist external demand, productivity, environmental protection, inequality...; (ii) Policy responses by member economies were diverse and (iii) there was high demand for cooperation and coordination on macro-policy responses in the region to promote growth and macro-economic rebalancing in member economies, promoting trade, global value chain, regional connectivity.

On the implementation of the Cebu Action Plan (CAP) and the proposed reform of the APEC FMP, Finance and Central Bank deputies were presented with progress report on the implementation of the Cebu Action Plan, endorsed the list of initiatives/deliverables implemented by member economies and technical support from international organizations.

The Meeting encouraged APEC members to continue registering their initiatives/deliverables with the APEC Secretariat for further implementation and requested international organization to reserve additional resources for technical assistance to support APEC member economies in their activities for the successful realization of the CAP.

On long term investment in infrastructure, APEC Finance and Central Bank Deputies share their respective experience on challenges to PPP projects, notably on the risk allocation issues between the State and private investors and tools to mitigate and share risks, the role of private sector investors in PPP projects. The deputies also discussed ways to promote cooperation on the issue among APEC members and to implement related activities in 2017.

On base erosion and profit shifting (BEPS), the deputies discussed and shared experience on implementing BEPS packages, including BEPS minimum standards. Member economies including Australia, Japan and Indonesia presented their respective cases on implementing BEPS packages and projects. The Meeting was also briefed on the results of the Seminar on BEPS packages held on the sideline the Meeting on 22/2/2017.

Priorities of SCCP APEC 2017 Work Program

The Meeting ended the first day with the session on Disaster risk financing and insurance. Delegates from member economies and specialists also discussed methodologies on building of disaster risk databases and national strategy on disaster risk financing and insurance.

The deputies were briefed on the outcomes of the Workshop on Disaster risk financing and insurance held on 21/2/2017 back to back with the Deputies’ Meeting. Member economies such as Japan, Australia also shared experience on the formulation of their respective national strategies on disaster risk financing and insurance and management of pubic assets against the consequences of natural calamities.

The APEC Finance and Central Bank Deputies will resume on the second day (24/02/2017) with discussion on financial inclusion and other business issues.