New Zealand to push common economic approaches at APEC

New Zealand Associate Finance Minister Steven Joyce will be calling for greater economic integration at this week's Asia-Pacific Economic Cooperation (APEC) annual meeting of finance ministers in Lima, Peru.

Joyce said Monday that several policy initiatives would be discussed, including the APEC Financial Institutions, dealing with small and medium-sized enterprises (SMEs) initiative and the Financial Infrastructure Development Network.

"The closer together we work, the stronger we can grow economic development in the region," Joyce said in a statement.

"New Zealand can only prosper economically and as a 21st century nation if we nurture global partnerships and the international exchange of ideas. APEC provides a crucial forum in which economies can discuss issues, align perspectives and build common approaches," he said.

"Financial inclusion, developing capacity for cross-border recognition of equivalent regulatory regimes and economic cooperation and integration are key pillars to developing prosperity in the Asia-Pacific region."

APEC, a forum of 21 economies, aims to promote free trade and economic cooperation in the region.

The APEC economies comprise around 53 percent of global gross domestic product and 44 percent of world trade.

Prior to attending the APEC meeting in Peru, Joyce would be promoting New Zealand education and trade in Santiago, Chile, and Bogota, Colombia.

"New Zealand's growing reputation in South America for innovation and ingenuity is a direct response to the products and services delivered by our companies in the region as well as research collaborations and scholarships, particularly relating to agriculture, and science and innovation," Joyce said.

"South American countries represent an incredible opportunity for our companies to grow. As a small nation, our level of success in the region will be determined by our level of connectedness and commitment to deliver what the 423 million people in the region demand." Endit