Finance ministers of Asia-Pacific Economic Cooperation (APEC) member nations kicked off a two day meeting in the northern Peruvian city of Trujillo on Wednesday, to review the current global financial crisis and present proposals to face it.

High ranking officials from the International Monetary Fund (IMF) and the World Bank also attended the meeting, which emphasized the joint commitment of APEC's 21 member economies to seek solutions to the crisis.

Proposals drafted during the ministers' gathering would be discussed with heads of state during the upcoming APEC summit to take place in Lima at the end of November, Peru's economic and finance minister Luis Valdivieso said

The forum also comprises Australia, Brunei, Canada, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Philippines, Russia, Singapore, Taiwan (represented under the name of Chinese Taipei), Thailand, US and Vietnam.

The meeting was held in Peru, which received praise from IMF and World Bank officials for the country's solidity and strength to withstand the global crisis.

Peru and Chile are the only South American members of APEC.