APEC Focuses on Improving the Lives of People in the Region

Senior officials from the 21 APEC member economies are meeting in Lima to develop concrete measures covering trade, investment, digitalization and sustainable development that focus on delivering quality growth for people in the Asia-Pacific.

“We are committed to fostering an environment conducive to inclusive and sustainable growth for all member economies,” said Ambassador Carlos Vasquez, the 2024 Chair of APEC Senior Officials’ Meeting.

Ambassador Vasquez reiterated that the thematic priorities set by Peru for this year reflect member economies’ dedication to addressing the critical issues facing the APEC region. These include promoting trade and investment for inclusive growth, harnessing innovation and digitalization for transitioning to the formal economy, as well as advancing sustainable development and resilient growth.

“Each priority responds to critical issues of mutual interest for our economies in the realm of trade and investment,” Ambassador Vasquez added. “We also aim to revitalize discussions around a new view for the Free Trade Area of the Asia-Pacific (FTAAP) and foster greater collaboration to address trade related challenges.”

Nearly 1,500 delegates participated in several meetings in Lima over the last two weeks, deliberating and sharing best practices on how to achieve quality growth in the Asia-Pacific, understanding the urgent need to address current global challenges, as well as future-proofing the region.

At the First APEC Senior Officials’ Meeting held on 7-8 March, senior officials discussed the latest developments in the World Trade Organization (WTO), including the outcomes of the recently concluded 13^th WTO Ministerial Conference.

Senior officials expressed support for Peru’s 2024 priorities including the priority to accelerate APEC actions on addressing the informal economy within their economies and reviewing key areas and measures that could be integrated into a roadmap for transitioning to the formal and global economy.

According to the APEC Policy Support Unit’s recent policy brief, the size of the informal economy in the APEC region has been estimated to be 13.4 percent of GDP in 2020, and the median earnings of informal workers in several APEC economies is around 40 to 67 percent lower than those working formally.

“Informality occurs around the world, and as part of our efforts in advancing inclusive growth, Peru, for the first time, has brought this topic to the table,” said Dr Rebecca Sta Maria, Executive Director of the APEC Secretariat.

“Earlier this week, we heard from experts and member economies about their views on how APEC can advance formalization, including by promoting an innovative mix of policies and strategies to develop skills, improving trust in institutions, fostering enabling business environments, increasing access to capital, markets, and technology as well as boosting social protection,” Dr Sta Maria added.  

On the occasion of International Women’s Day, Ambassador Vasquez highlighted the continuous work within APEC, not only in recognizing the pivotal role of women in the economy, but also in ensuring their full economic empowerment.

“The full potential of women’s contribution to the Asia-Pacific economy remains untapped. In this sense, women’s economic empowerment and the greater inclusion of women in the digital economy are high on APEC’s agenda,” he said.

Ambassador Vasquez encouraged member economies to keep advancing the La Serena Roadmap for Women and Inclusive Growth, driving policy actions across APEC, fostering inclusive economic growth and promoting women’s active participation in the economy.

“Let us remember that our collective efforts are aimed at improving the lives of people in our region,” Ambassador Vasquez concluded. “It is only through collaboration, innovation and a shared vision for the future that we can overcome the challenges we face and seize the opportunities that lie ahead.”

Senior officials will meet again in May in Arequipa to take stock of the progress of work. Peru will also host the APEC Ministers Responsible for Trade Meeting (MRT) and the first joint MRT and Ministers for Women’s Ministerial Meeting in May.

For further details, please contact:

Masyitha Baziad +65 9751 2146 at [email protected]
Michael Chapnick +65 9647 4847 at [email protected]