Exiting Reserve Bank governor Alan Bollard has been appointed to lead the secretariat of the Asia-Pacific Economic Cooperation (APEC) in Singapore from next year, the Pacific Rim trade group has announced.
''APEC Ministers welcomed the successful selection and appointment of New Zealand Reserve Bank Governor Dr Alan Bollard who will be the Secretariat's second Executive Director for a fixed term,'' the group said in a statement. The news had leaked informally earlier in the week.
Bollard is stepping down later this month from the Reserve Bank of New Zealand (RBNZ) after a decade and will be replaced by Graeme Wheeler, a former managing director of the World Bank.
The trade group said Bollard will begin his three-year term on January 1, 2013 as head of the coordinating, technical and advisory body that supports sustainable economic growth and prosperity in the Asia-Pacific.
Russia's Deputy Minister of Foreign Affairs Igor Morgulov, who is the chair of the APEC 2012 Senior Officials, said Bollard was selected from a strong pool of candidates.
''Bollard brings to APEC experience as one of the region's key economic architects,'' Morgulov said.
Bollard will be the APEC Secretariat's second fixed term executive director, succeeding Muhamad Noor Yacob who has been the role since 2010.
APEC is a grouping of 21 countries on the Pacific rim, including the ASEAN members, United States, Japan, China and Russia, which aims to reduce trade barriers and make it easier to do business in the region.