Asia-Pacific Economic Cooperation (APEC) was established in 1989. APEC is an international intergovernmental organization in which all members participate as economies. We became one of the APEC members under the name of Chinese Taipei in 1991. Now it has 21 member economies and other economies are Australia, Brunei Darussalam, Canada, Chile, People's Republic of China, Hong Kong (China), Indonesia, Japan, Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Republic of the Philippines, the Russian Federation, Singapore, Thailand, United States of America and Viet Nam.
APEC is a flexible trade and economic forum. In APEC, decision-making is reached by consensus. Commitments are undertaken on a voluntary basis. Member economies participate on the basis of open dialogue and respect for views of all participants to achieve the goal of economic prosperity in the region. The three pillars of APEC’s agenda focus on “Trade and Investment Liberalization,”“Business Facilitation,” and “Economic and Technical Cooperation (ECOTECH).” APEC members shall reduce trade and investment cost through liberalization and facilitation, and assist developing economies in capacity building by economic and technical cooperation.
With respect to APEC meetings, the Ministry of Finance participates in the Finance Ministers' Process (FMP) meetings which include Finance Ministers' Meeting, Finance Deputies' Meeting, Senior Finance Officials' Meeting and other related workshops. The Minister of Finance has been heading or dispatching a delegation to participate in the FMP meetings over the years. Owing to the severe impact of the COVID-19 pandemic in 2021, the host economy, New Zealand held virtual meetings, including the Finance Ministers’ Meeting, the Finance and Central Bank Deputies’ Meetings, the Senior Finance Officials’ Meeting, and the Informal Ministerial Meeting with APEC Business Advisory Council (ABAC) Business Leaders. To be in consistence with this year’s theme “Join, Work, Grow. Together.” and the priorities “Economic and Trade Policies that Strengthen Recovery,” “Increasing Inclusion and Sustainability for Recovery,” and “Pursuing Innovation and a Digitally-Enabled Recovery,” the themes of the Finance Minister Process (FMP) were “Macroeconomic Policy Responses to COVID-19” and “Fiscal Policy and Budget Frameworks.”
2021 APEC Virtual Finance Ministers' Meeting Main Topics