Joint Statement of the th Ministerial Meeting of Finance Ministers

Key Chapter Title List

1. Global and Regional Economy
2. Innovation
3. Artificial Intelligence as a Key Innovative Technology
4. Digital Finance
5. The Role of AI in Financial Services
6. Fiscal and Financial Policies
7. Public-Private Partnerships and Fiscal Sustainability
8. Completion of the Cebu Action Plan and Launch of the Incheon Plan
9. Recognition of Cooperation with International Organizations and the Private Sector
10. Conference Organization and Future Arrangements

Document Introduction

This document is the full text of the Joint Statement issued by the 32nd APEC Finance Ministers' Meeting on October 21, 2025, in Incheon, Republic of Korea. The meeting was chaired by Deputy Prime Minister and Minister of Economy and Finance of the Republic of Korea, Koo Yun-cheol. Its core agenda closely aligned with the 2025 APEC Finance Ministers' Process theme "Sustainable Growth and Regional Shared Prosperity" and was coordinated with the Putrajaya Vision 2040 and the Aotearoa Plan of Action. The statement aims to reaffirm APEC economies' commitment to fostering an open, dynamic, resilient, and peaceful Asia-Pacific community by 2040 for the prosperity of all its people and future generations.

The statement first reviews the global and regional economic outlook, noting that while the global economy shows resilience, downside risks such as policy uncertainty, geo-economic tensions, and global debt challenges persist. Therefore, the finance ministers emphasized the need to maintain flexible and credible macroeconomic policies, enhance the efficiency and quality of public spending, and collaboratively address debt vulnerabilities to strengthen economic resilience. Strengthening supply chain resilience is also seen as crucial for maintaining economic stability. The document further highlights the pivotal driving role of strong multilateral cooperation, including through international financial institutions, in addressing structural transformations such as innovation, digitalization, extreme climate events, and demographic changes.

Innovation is positioned as key to driving economic growth in the Asia-Pacific region. The statement underscores the need to strengthen collaboration among governments, the private sector, and other stakeholders to overcome common challenges hindering innovation and to promote knowledge sharing in public and private investment mechanisms to support MSMEs and startups. Artificial Intelligence is explicitly identified as a key technology for enhancing industrial competitiveness and fostering cross-sectoral economic growth. The document calls for creating a regulatory environment conducive to AI development and deployment and fostering a secure, reliable, and inclusive AI infrastructure ecosystem, including energy, digital connectivity, and data systems. Finance ministries can play a significant role in providing tax incentives, promoting industry development, and supporting infrastructure and talent investment.

In the area of digital finance, the statement acknowledges that digital financial innovation and resilience are important engines for economic growth, while emphasizing the need for forward-looking policy strategies to address the opportunities and challenges brought by the digitalization of the financial sector. The document advocates for a balanced regulatory approach that supports innovation and maximizes the benefits of digitalization while managing associated risks and protecting consumers. The transformative role of AI in enhancing the accessibility, efficiency, and personalization of financial services is recognized, with its potential to improve financial decision-making, expand coverage through alternative credit assessments, and strengthen risk management systems being emphasized. The meeting encouraged member economies to enhance cross-border cooperation and knowledge sharing on a voluntary, non-binding basis and to address the digital divide.

The fiscal and financial policies section focuses on the role of fiscal policy in supporting long-term economic growth and resilience. Faced with fiscal challenges such as debt pressures, demographic changes, and natural disasters, members explored measures to enhance fiscal effectiveness and medium-to-long-term sustainability. Responsible fiscal oversight, including prudent debt management, credible and transparent budgeting, and effective risk management (such as disaster risk financing and insurance), is crucial for maintaining macroeconomic stability and creating fiscal space for strategic investments. Public-private partnerships are seen as an effective mechanism for advancing infrastructure development and public service delivery under resource constraints, with their success relying on transparent design, appropriate risk allocation, prudent fiscal risk oversight, and proper contract management.

The statement formally welcomes the completion of the decade-long Cebu Action Plan and adopts the Incheon Plan to guide the work of the Finance Ministers' Process for the next five years. This plan is structured around four pillars: Innovation, Finance, Fiscal Policy, and Inclusion and Opportunity, aiming to address key economic challenges and opportunities faced by the economies. The document also expresses appreciation and recognition for the continued support and cooperation of international organizations such as the Asian Development Bank, the International Monetary Fund, and the World Bank Group, as well as private sector entities like the APEC Business Advisory Council. It thanks the Republic of Korea for hosting this meeting and announces that the 33rd Finance Ministers' Meeting will be held in the People's Republic of China in 2026.