Peter Costello

Media Releases

The 9th APEC Finance Ministers' Meeting in Mexico

NO.050

 

EMBARGO

THE 9TH APEC FINANCE MINISTERS' MEETING IN MEXICO

The Treasurer will visit Mexico this week to attend the APEC Finance Ministers' Meeting in Los Cabos, to finalise the Australia-Mexico Double Taxation Agreement and launch the new Mexican 20 peso note which uses Australian polymer technology.

The APEC Finance Ministers' Meeting will provide an opportunity for regional Finance Ministers to emphasise the importance of APEC's goals of free trade and investment, and to discuss corporate governance and measures to combat the financing of terrorism.

In addition, the meeting will provide an opportunity for discussion on the economic outlook for the region.

During his visit to Mexico, from 4 September to 10 September, the Treasurer will also finalise the Australia-Mexico Double Taxation Agreement (DTA).

The Australia-Mexico DTA is designed to promote closer economic cooperation between Australia and Mexico by eliminating possible barriers to trade and investment caused by the overlapping tax jurisdictions of the two countries. This DTA completes Australia's tax treaty network with NAFTA countries.

The Treasurer will also launch a new Mexican 20 peso banknote which uses the Australian developed and manufactured polymer technology. The 20 peso note will be the first polymer banknote issued by Banco De Mexico and will be released into circulation on 30 September, 2002. Banco De Mexico requires in excess of 480 million notes of which 180 million have been printed in Australia, and the balance in Mexico.

Since the first polymer note was issued in Australia in 1988 demand for this technology has increased significantly with polymer notes now being issued in 19 countries.

CANBERRA
2 September 2002

Contact: Niki Savva
02 6277 7340

2 Sep 2002

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