APEC Finance Plan leaders met in Incheon to discuss a five-year roadmap for innovation, fiscal reform, and inclusive finance. The plan, called the Incheon Plan, aims to guide the 21 member economies through 2025–2030.
Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol opened the meeting, emphasizing that innovation is critical amid rapid digital transformation and AI growth. He said finance ministers must foster innovation while supporting the private sector and sharing solutions.
Additionally, the plan focuses on financial systems, ensuring access for vulnerable groups and remote communities. Ministers also highlighted fiscal policy reforms to support AI adoption, population aging, and climate change initiatives.
Koo explained that fiscal measures include restructuring expenditures, reforming tax exemptions, and closing loopholes. The fourth pillar, access and opportunity for all, broadens financial inclusion, aiming to leave no one behind.
The Incheon Plan will succeed the Cebu Action Plan, which ends this year after a decade of guiding APEC finance policies. This year’s Finance Ministers’ Meeting is held jointly with the APEC Structural Reform Ministerial Meeting for the first time.
Eleven finance ministers attended, including representatives from Australia, Hong Kong, New Zealand, Taiwan, Thailand, and Vietnam. Vice ministers from Brunei, China, and Japan were also present. International organizations, such as the UNDP, IMF, OECD, World Bank, and Asian Development Bank, participated.
Moving forward, the APEC Finance Plan aims to integrate innovation, responsible finance, and fiscal reform to ensure sustainable growth and opportunity for all. Ministers plan to adopt the roadmap officially and implement measures over the next five years.
