APEC 2017: Finance ministers discuss cooperation priorities in 2017
APEC finance ministers will discuss four cooperation priorities in 2017, including long-term infrastructure investment, base erosion and profit shifting (BEPS), disaster risk financing and insurance (DRFI), and inclusive finance, at their 24th meeting and related events in Hoi An on October 19-21.
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Vu Nhu Thang, Head of the International Relations Department under the Ministry of Finance and Chairman of APEC Senior Finance Officials’ Meeting (SFOM), revealed the information at a recent interview granted to the Vietnam News Agency.
He said ministers are expected to approve proposals encouraging the private sector to involve in infrastructure investment, as well as discuss measures to speed up the BEPS project for tax evasion prevention, encourage financial solutions to disaster risk management, and increase access to financial services for businesses and residents in rural areas.
They will also talk about regional and global macro economy and finance, have a look at financial cooperation progress and update the implementation of the Cebu Action Plan (CAP) to look towards the target of building an APEC community of financial integration, transparency, sustainability and connectivity.
The Ministers are scheduled to have a dialogue with the Business Advisory Council (ABAC) and executives of large corporations and groups in the region, Thang unveiled.
He said the long-term orientation of APEC financial cooperation towards 2025 is demonstrated in the Cebu Action Plan (CAP), which was adopted by APEC finance ministers in the Philippines in 2015 and established on four main pillars: promoting financial integration, advancing fiscal reforms and transparency, enhancing financial resiliency, and accelerating infrastructure development and financing.
Vietnam has sought financial cooperation opportunities in other APEC member economies and made it easier for trade not only at bilateral but also multilateral forums, even within the frameworks of free trade agreements, he added.
The country is also committed to opening financial service markets in the Association of Southeast Asian Nations (ASEAN), ASEAN and the World Trade Organisation (WTO), he said.
Vietnam has actively cooperated with APEC economies in tax, customs, and financial cooperation agreements, he said, noting that the country has signed 76 agreements on double taxation avoidance, including deals inked with APEC member economies.
Established in 1989, APEC comprises 21 economies, including Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, the Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Chinese Taipei, Thailand, the US, and Vietnam.
