Finance Ministers From 18 Nations Agree on Strategy
Finance ministers from 18 of the world’s largest and fastest-growing economies agreed Saturday that their countries need to keep inflation low, increase private investment and expand export opportunities in order to maintain their success.
Nations at the first Asia-Pacific Economic Cooperation forum account for about half of the world’s economic output, foreign exchange reserves and population, U.S. Treasury Secretary Lloyd Bentsen said in his opening remarks.
“In today’s interdependent world, this kind of economic performance cannot be sustained in a vacuum,” Bentsen said. “We all share an interest in economic strength for the region as a whole.”
The ministers issued a joint statement outlining five principles to guide their economic policies.
The principles include keeping inflation low to ensure stability and growth; increasing cross-border flow of goods and services; getting the private sector to be the main engine for growth, and further developing capital markets.
The APEC nations with finance ministers attending were the United States, Canada, Japan, South Korea, China, Taiwan, Hong Kong, the Philippines, Brunei, Indonesia, Singapore, Malaysia, Thailand, Australia, New Zealand, Papua New Guinea, Mexico and Chile. Chile is not a member of APEC but has applied for membership.
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