Gas Week

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APEC compared with IMF and G8: will APEC evolve into a IMF-style trade fair?

Posted by gasweek on 17 September, 2007

According to Malcolm Maiden, in The Age, (15/9/2007), p. 2, most of the business leaders who attended would value the informal aspect of APEC most highly. But there are other models for private-sector contact with official forums such as APEC, and the future private-sector interaction was likely to depend on whether APEC continues to expand from its roots as an economic and trade body into a more general regional political forum. Maiden said “APEC now sits in the middle of a spectrum of official annual multilateral meetings that has a purely economic gathering, the meeting of the International Monetary Fund, at one end, and a much more politically oriented one, the meeting of the leaders of Group of Eight nations, at the other. The equivalent of a financial trade fair has evolved over the years around the IMF meeting of the world’s finance ministers”.

How the IMF works: Bank executives and boards from all over the world attend, not as official delegates to the IMF meeting itself, but for a variety of side meetings in gen­eral, and for bilateral meetings with as many finance ministers and their entourages as possible in particular. The ministers and their support teams set up offices (or what might more accurately be described as investment promotion kiosks) to assist the process.

Reference: Malcolm Maiden, mmaiden@theage.com.au

The Age, 15/9/2007, p. 2

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