The high-level meeting on financial management of the Asia-Pacific Economic Cooperation (APEC) held in Jeju concluded with discussions on enhancing fiscal capacity and expanding cooperation among member countries.
The Ministry of Economy and Finance announced on the 9th that it hosted the second SFOM of this year in Jeju from the 7th to the 9th as the chair country for the 2025 finance ministers' meeting. The opening remarks were made by Min Kyung-seol, the Director General of the Ministry's International Trade Bureau, and the meeting was chaired by Yoon Jeong-in, the chair of SFOM.
At this plenary session, representatives from the International Monetary Fund (IMF), World Bank (WB), and Asian Development Bank (ADB) participated to present economic trends and forecasts for the world and the Asia-Pacific region. South Korea announced the results of the working group's formation for establishing a new finance ministers' meeting roadmap and its implementation plan, with New Zealand (innovation), Peru (finance), Australia (fiscal), and South Korea (inclusiveness) leading the discussions on thematic roadmaps.
During the subsequent session, APEC member countries, along with the Inter-American Development Bank (IDB) and the Organization for Economic Cooperation and Development (OECD), discussed cooperation measures focusing on enhancing capabilities in innovation, finance, and fiscal areas.
A Ministry official noted, "Building on the discussions from this SFOM, we will work to strengthen economic and financial cooperation and derive tangible outcomes such as a joint declaration and a financial track roadmap."
In October, a finance ministers' meeting and a ministers' meeting on structural reform are scheduled to be held in Incheon.