FINANCIAL SERVICES EVENTS
Strategic Framework for Financial Services: Bolstering APEC's Regional Financial Architecture
Finance is the lifeblood of the economic system, and robust regional financial architecture is critically important in supporting sustainable long-term growth in the APEC region. Maintaining a strong growth path over the next few decades will create many new challenges for APEC's financial sector. This publication aims to address these challenges as part of strengthening the region's financial infrastructure, as well as promoting financial development and regional integration.
APFF Voice of the Symposium
The Asia-Pacific Financial Forum (APFF) Symposium was held in Sydney, Australia in April 2013. This publication explores the major themes as well as captures the discussions and key materials that were shared during the event.
For further information on the National Center for APEC's work on financial services, please contact Mia Reyes.
A strong financial services sector is critical to the global financial system’s health and stability. The National Center for APEC (NCAPEC) advocates on behalf of the U.S. financial services industry in APEC to promote sound policymaking and the use of industry best practices in APEC economies.
Coordinating U.S. Private Sector Priorities to Promote a Stronger Global Economy
NCAPEC’s Financial Services Policy Group (FSPG) is comprised of U.S. industry representatives that work collaboratively to advocate for sound financial policies in the Asia Pacific region. The FSPG helps identify core principles that APEC can use to further develop and promote a stronger regional financial architecture, and deter the use of harmful policies that constrain economic growth and prosperity.
Engaging U.S. Government, International Financial Institutions, and APEC Officials
The APEC Finance Ministers' Process (FMP) is APEC's primary mechanism to discuss and consider policies on regional macroeconomic and financial issues. The FMP addresses issues including:
- Macroeconomic stability in the APEC region;
- Prudent public finance management;
- Good corporate governance;
- Stable and efficient capital markets;
- Greater economic cooperation, integration, and openness among APEC economies;
- Facilitation of economic and technical cooperation; and
- Sustainable and broad-based development.
NCAPEC provides U.S. companies an essential channel to engage government officials–including the U.S. Departments of Treasury, Commerce, and State, as well as the U.S. Trade Representative –on these issues and other top policy priorities. NCAPEC also identifies and leverages opportunities for companies to engage officials from APEC economies’ financial ministries and international financial institutions, like the Asian Development Bank, Inter-American Development Bank, World Bank, and International Monetary Fund.
Advancing U.S. Business Priorities in the APEC Business Advisory Council
The APEC Business Advisory Council (ABAC) is the formal mechanism for private sector input into the APEC process. Three U.S. company representatives are appointed by the U.S. government to serve on ABAC, and NCAPEC serves as the Secretariat for U.S. ABAC members.
As a part of its support to ABAC members, NCAPEC staff serve on the ABAC Finance and Economics Working Group (FEWG), Chaired by ABAC USA Member Richard Cantor, to advance common financial services objectives, and to ensure that ABAC's recommendations and key messages to APEC officials reflect U.S. private sector priorities. This engagement culminates annually with ABAC's Report to Finance Ministers and ABAC's annual Dialogue with Finance Ministers.
Coordinating U.S. Private Sector Participation in the Asia-Pacific Financial Forum
First proposed by ABAC in 2012, the Asia-Pacific Financial Forum (APFF) is a platform that brings together officials from international financial institutions and APEC governments to develop initiatives that strengthen the regional financial market. The APFF’s objectives are to promote greater synergy between the public and private sector, identify and address gaps in connectivity, build institutional capacity, and promote regional cooperation.
NCAPEC has been strongly engaged in the APFF since its inception. Through the APFF, NCAPEC led the development of the Seattle Symposium in 2013, which brought together officials from t U.S. Treasury, international financial institutions, and the private sector to discuss ways to better integrate APEC economies’ financial systems. Since the Symposium, NCAPEC continues to coordinate U.S. private sector participation in the APFF and contribute to the development of the APFF agenda.