I will be attending the inaugural Ministerial meeting of the G-20 in Berlin on 15-16 December 1999.
The newly formed G-20 comprises the systemically important countries in the world financial system. In addition to the G-7 economies and Australia, the members include Argentina, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey and the European Union.
The G-20 will discuss key challenges facing policy-makers in an increasingly integrated financial community, including reforms to strengthen the international financial system.
Australias membership of the G-20 is recognition of the strong performance of the Australian economy and the contribution this Government has made to regional and international financial issues in the wake of the Asia crisis. In particular, Australia has played a high profile role in promoting international financial reform in APEC, the IMF, and the Manila Framework Group. In June this year, Australia was also asked to join the Financial Stability Forum which in addition to the G-7 includes Australia, Hong Kong SAR, Singapore and the Netherlands.
The G-20 will play an important role as a forum for informal high-level dialogue and forge stronger ties among national policy-makers. Some of the tasks facing the Group will be to identify emerging policy challenges and add momentum to efforts to reform the international financial system.
For the first two years, the G-20 will be Chaired by Paul Martin, the Canadian Minister for Finance.
Following the G-20 meeting in Berlin I will be going to Paris on 17 December to meet with the Secretary General and the Council of the Organisation for Economic Co-operation and Development (OECD) in preparation for my chairing of the OECD Council meeting at Ministerial level (MCM) in June 2000.
The OECD comprises the 29 nations which are the worlds leading industrial economies. The annual MCM meeting is attended by finance, trade and/or foreign ministers from OECD Member countries, and examines the economic, trade and social policy challenges facing OECD countries as well as setting priorities for OECD over the coming year.
Australias chairing of the MCM in 2000 is yet further international recognition of the strong performance of the Australian economy.
I will return to Australia on 19 December.