Finance Minister Lee Hun-jai is in Chile to attend a meeting of finance ministers from Asia and Pacific countries.

During the two-day meeting which kicks off Thursday, the finance ministers will set the agenda for this year's Asia-Pacific Economic Cooperation (APEC) forum which will be held in Santiago, Chile in November.

South Korea is the host of next year's APEC summit. Lee plans to explain the agenda of the APEC preparatory meeting to be held on the southern resort island of Jeju.

The APEC, launched in 1989, groups 21 Asia-Pacific rim countries, including South Korea, Australia, Canada, China, Hong Kong, Chile and Mexico.