Asia-Pacific

ABAC submitted the 2023 Progress Report of the APFF/APFIF/APIP to the APEC Finance Ministers, August 2023

In August 2023, the ABAC Secretariat transmitted to the Chair of the APEC Finance Ministers Meeting and the APEC Secretariat for distribution to all Finance Ministers and FMP delegates the ABAC Report to Finance Ministers and the 2023 Progress Report of APFF, APFIF, and APIP. The Work of the APFF/APFIF/APIP

Subsequently on 13 November 2023, the Finance Ministers issued a consensus joint statement, with matters related to Ukraine and Palestine separately dealt with in a non-consensus Chair’s statement by the US Treasury. (A similar approach was followed by APEC Ministers and Leaders in their respective statements.)

The Finance Ministers’ Joint Statement can be found here: https://www.apec.org/meeting-papers/sectoral-ministerial-meetings/general/2023-apec-finance-ministers-meeting

Reference to APFF, APFIF and APIP (as a positive response to our 2023 Progress Report) in the Annex Paragraph 3 reads as follows:
“We welcome the progress of public-private collaboration in the Asia-Pacific Financial Forum, the Asia-Pacific Financial Inclusion Forum, and the Asia-Pacific Infrastructure Partnership.”

The Ministers also referred to the ABAC recommendations that APFF helped develop this year in Paragraph 11, which reads as follows:
“We welcome continued collaboration with the APEC Business Advisory Council (ABAC), and other private sector contributors, and we appreciate their support in enhancing FMP discussions and in driving the implementation of the Cebu Action Plan. We also acknowledge ABAC for its recommendations to Finance Ministers.”

The 2023 Progress Report covers the following areas to provide information and high-level recommendations to support Cebu Action Plan in the Asia Pacific:

  • I. SUSTAINABLE FINANCE
  • II. INCLUSIVE DIGITAL FINANCE
      A. Financial Inclusion
      B. Financial Infrastructure Development
      C. Digital Trade Finance
      D. Financial Market Infrastructure
      E. Valuation Standards and Practices

  • III. FINANCIAL RESILIENCE

      • A. Disaster Risk Financing and Insurance
      B. Insurance Regulation and Accounting
      C. Circular Economy Infrastructure
      D. Health Care Financing
  • IV. OUTREACH TO MEMBER ECONOMY STAKEHOLDERS

      • The 2023 China Conference
  • APPENDIX

      • Asia-Pacific Financial Inclusion Forum: Supporting Green Financing of Micro-, Small and Medium Enterprises – Proposed Actions for Policymakers and Regulators

    2023 Progress Report to APEC Finance Ministers

    APFF Sustainable Finance Development Network (SFDN) has been established based on the ABAC’s high-level recommendations on ESG Finance in 2020. See ABAC Report to Economic Leaders 2020

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