APEC finance ministers meet virtually on co-operation to mitigate coronavirus impact

APEC is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific.

Kuala Lumpur: Finance ministers of the Asia-Pacific Economic Cooperation (APEC) economies met virtually on Friday to share and exchange ideas on fiscal and monetary interventions to mitigate the economic impact of the COVID-19 pandemic, as well as to build a more resilient economy. Malaysian Finance Minister Tengku Zafrul Tengku Abdul Aziz, who chaired the meeting, said APEC members have worked together as a region and should continue to do so with a compassionate, coherent and comprehensive response as well as a shared sense of responsibility.

“As the pandemic threatens to overwhelm healthcare and economic systems around the world, APEC member economies have responded with a wide range of measures to address the impact of the pandemic,” he said.

Following a fruitful discussion, the delegates issued a joint Ministerial Statement, which provides an insight into how APEC collectively responded to the COVID-19 pandemic through fiscal and monetary measures aimed at supporting the lives and livelihood of the people as well as businesses in the APEC economies, according to Malaysia’s Finance Ministry.

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APEC also recognises the critical role of digitalisation in ensuring financial integration and inclusion, as well as the need for financial preparedness via disaster risk financing and insurance.

The meeting was attended by representatives from finance ministries, central banks and financial regulators of the APEC economies as well as international organisations, being organised in a virtual format for the first time.

APEC is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific.