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VietNamNet Bridge - The 13th APEC Finance Ministers Meeting (FMM13) concluded in Hanoi on September 8 with the release of the Joint Ministerial Statement which emphasized the importance of open, adequately supervised, and robust sound financial services sectors.
APEC ministers also "welcomed the overall reform of APEC underway" and stressed the "commitment to further strengthen the prominence and relevance of the Finance Ministers' Process in order to more effectively complement the work of the APEC Leaders' Process and successfully achieve the Bogor Goals."
Addressing the closing session and the press conference on the results of the FMM13, Vietnamese Finance Minister Vu Van Ninh said: "Given the significance of a sustainable and efficient fiscal revenue system for expenditures, the APEC member economies have actually shared the precious experiences of policy making system restructuring and revenue management in order to ensure the stable and efficient sources of revenue, especially in the context of the rapidly changing global economic environment."
He said APEC ministers have held the high consensus that the structure reform aimed at strengthening the domestic financial sector should be implemented in an adequate sequence and pace, which is relevant to the specific context of each economy as the sector opens to the global economy.
Based on the reports delivered by international financial institutions, the delegates have reviewed and discussed the current economic and financial conditions of the region and some major economies, hence obtaining a great consensus on the policy actions and cooperation arrangements to cope with the challenges and risks associated to global imbalance, to mitigate the negative impacts of increasing oil price, natural disasters and epidemics, and to respond to changing global climate in the coming future.
The meeting has realised the interests and proposals of the private sector on policy issues of financial sectors in the region and highly appreciated the contribution of the APEC Business Advisory Council (ABAC) into the performance of the Finance Ministers' Process in 2006.
Particularly, the Ha Noi meeting called upon WTO members to restart the Doha Round for the target of sustainable growth.
The meeting also adopted recommendations and proposals by the Finance and Central Bank Deputies' Meeting on the Updated Strategic Objectives and Ha Noi Medium-Term Agenda.
The meeting agreed that the 14th APEC Finance Ministers' Meeting will be held in Australia on August 2-3, 2007.
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