Today I will attend the APEC Finance Ministers' Meeting in Honolulu to discuss with my regional colleagues the challenges facing the global economy and the reforms needed for strong, balanced and sustainable global growth.
This meeting comes at a very difficult time for the international economy with two of the world's biggest growth engines misfiring.
Continued uncertainties in Europe and the sluggish recovery in the United States are weighing heavily on global financial markets and confidence right around the world.
While Asia is outperforming other regions, it has not escaped the impact of slower growth on both sides of the Atlantic.
Every single economy represented at APEC has been impacted by 18 months of failure by European leaders to deal with their sovereign debt crisis.
The key role played by the dynamic APEC economies in the global economy is more important than ever in these uncertain times, with growth weak on both sides of the Atlantic.
As G20 leaders agreed last week, it is vital we continue to pursue key structural reforms to underpin strong, balanced and sustainable global growth, including moving to market-based exchange rates.
APEC can also play a key role in meeting regional challenges, such as infrastructure financing, financial regulation and financial empowerment.
APEC brings together nine members of the G20 and economies from the strongest growing region in the world.
I look forward to engaging with the APEC Business Advisory Council (ABAC) and senior business representatives to hear first hand their assessment of the regional economy.
I also look forward to meeting with my colleagues from key regional economies, including Vietnam, Malaysia and Indonesia.
9 November 2011