As the global economic landscape continues to face economic, financial and environmental challenges,
"To ensure the long-term prosperity of the Asia-Pacific, we must focus on sustainable practices, digital transformation and building resilience across our economies," said Lahura.
"This year, our work within the FMP will guide us toward a region that is stronger, more connected, and better prepared to face future challenges," he added.
A key topic was the importance of sustainable finance, with a special focus on the implementation of the four policy areas: domestic carbon pricing and non-pricing measures, sustainable energy transitions, sustainable infrastructure financing, plus the sustainable finance initiative.
Members emphasized the significance of resilient finance, particularly in enhancing policies related to hydrometeorological risk.
Along this line,
Finance Ministers announced the launch of Sustainable Finance Initiative (SFI) as a flexible, voluntary and non-binding collaboration tool between the public and private sectors and international organizations to promote the development of voluntary information sharing tools and capacity building resources on sustainable finance issues.
The
SFI was designed to empower financial institutions, regulators, and investors to develop expertise in sustainable finance, ultimately contributing to the promotion of green and inclusive economic growth while addressing pressing global challenges such as climate change and social inequality.
Finance ministers are confident that resiliency can be bolstered through the development of innovative disaster risk financing and insurance mechanisms, and other risk transfer instruments available through capital markets.
Members also emphasized the significance of digital finance, highlighting the progress made this year in two key policy areas: open finance and digital financial inclusion.
He pointed out that Peru now hosts over 237 FinTech companies, with digital payment transactions increasing by 113% over the past year.
"Our collective efforts to harness technology for the benefit of all ensures that everyone benefits from the growth opportunities we are working towards," Vasquez indicated.
APEC Secretariat Executive Director Dr. Rebecca Sta Maria highlighted the need for a whole-of-APEC approach to ensure that the social dimensions of economic growth are addressed, particularly in improving the quality of life through decent jobs, sustainable private investment and inclusive financial systems.
"Our work makes a meaningful impact when we focus on improving the quality of life for our people," Dr. Sta Maria explained.
"Whether it be through regional economic integration or digital transformation, we must ultimately emphasize social inclusion, and equity," she added.
Other measures in the spotlight included strategies to combat rising protectionism and promote trade facilitation.
The need for continued vigilance in monetary policies was highlighted, especially in light of recent interest rate adjustments and their potential impact on currency valuations and inflation.
"Economic recovery has been bolstered by improving consumption rates and easing inflation, although risks such as protectionism, supply chain uncertainties, and geopolitical tensions remain critical concerns," Kuriyama concluded.
He appreciated the work of all APEC economies, APEC Secretariat, APEC Business Advisory Council, and international organizations for making this possible.
Editor's note: Information provided by the APEC Secretariat.