[asia-apec 1559] NZ Finance Minister - APEC

[APEC Monitoring Group]

From
http://www.executive.govt.nz/speech.cfm?speechralph2233&SR=0

5 /9 /2000 

Hon Dr Michael Cullen

NZ to Co-chair APEC Finance Ministers at Brunei

Finance Minister Michael Cullen and Brunei Minister of Industry and 
Primary Resources, Pehin Abdul Rahman Taib, will co-chair the 7th APEC 
Finance Ministers meeting in Bandar Seri Begawan, Brunei on September 9 
and 10. 

Dr Cullen said today he was looking forward to the challenge.

"We have a busy programme. 

"APEC responded to the Asian crisis by intensifying work to strengthen 
the international financial architecture. 

"Standards, codes and guidelines are being developed in a variety of 
areas including; banking supervision, securities and insurance 
regulation, the dissemination of economic data and the transparency of 
monetary, financial and fiscal policies.

"The Voluntary Action Plan for Freer and More Stable Capital Flows is New 
Zealand's major policy initiative for APEC. This recognises the emergence 
of global capital markets, and the importance of maintaining cross-border 
capital mobility while putting in structures for effective risk 
management.

"Another item on the agenda is the need to develop mechanisms to fight 
financial crime, including money laundering and international tax 
evasion," Dr Cullen said.

"In addition to the formal proceedings, I have bi-laterals arranged with: 
the Finance Minister for China, HE Xiang Huai-cheng; Canadian Finance 
Minister Paul Martin; the US Secretary of the Treasury, Lawrence Summers, 
and the Australian Federal Treasurer, Peter Costello.

"I will also have the opportunity when in Singapore en route to Brunei to 
meet Singapore's Finance Minister Richard Hu and the leader of the 
Singapore delegation to APEC, Second Finance Minister Lim Hng Kiang.

"These are all important players in the world economy so it will be 
useful to get their perspective on world economic trends," Dr Cullen 
said.