Joint Statement of APEC Finance Ministers on economic control and recovery by Covid-19

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Deputy Minister Tran Xuan Ha and representatives of some units under the Ministry of Finance at the Vietnam video conference.

The meeting affirmed its commitment to supporting strong, sustainable, balanced and inclusive economic growth while ensuring financial stability in the region. APEC member economies have shared their experiences in applying unprecedented monetary and fiscal policy tools for Covid-19 relief and moved towards a strong,sustainable,balanced and inclusive economy.

Speaking at the meeting, the Vietnamese Ministry of Finance emphasized that, with the participation of the entire political system, Vietnam has made correct and timely decisions to achieve the "dual goal" of suppressing the pandemic and promoting economic development.

The meeting is an opportunity for Vietnam to share its experiences in successful suppression of the Covid-19 pandemic with effective and timely fiscal and monetary solutions, helping to stabilize the macro-economy, support the recovery of production and business, ensure social security,minimize the negative impact of the Covid-19 pandemic on businesses and citizens.

Other video conferences

On the sidelines of the meeting, a dialogue session between APEC Finance Ministers and the APEC Business Advisory Council (ABAC) was also held. ABAC made recommendations to the ministers on promoting the recovery and re-establishment of the financial service system amid the Covid-19 pandemic, especially policies to support micro businesses.

APEC Finance Ministers acknowledged the recommendations and shared monetary and fiscal solutions to support small and medium businesses as well as economic support during and after the Covid-19 pandemic.

The meeting endorsed the Joint Statement of the APEC Finance Ministers on economic control and recovery by Covid-19, which identified difficulties and challenges on macroeconomics in the Asia-Pacific region due to the Covid-19 pandemic; welcomes timely financial and monetary solutions to cope with the pandemic to support economic recovery and calls for cooperation to share experiences in promoting economic growth along with ensuring social security for people and businesses across the region.

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Although the APEC Finance Ministers’ Process was interrupted in 2020 by Covid-19, the APEC Finance Minister's Online Meeting 2020 took place successfully. The APEC Finance Ministers’ process will continue under the chair of New Zealand in 2021.