For the first time in APEC's history, ministers responsible for Women and ministers responsible for Trade from the 21 member economies convened in Arequipa, southern Peru, and pledged to strengthen female citizens' economic empowerment across the region through their inclusion in regional and global value chains.
Citing the challenges and gaps identified in the
APEC Women and the Economy Dashboard,
Minister Hernandez specifically spotlighted the limited access to financing and credit for women, as well as their lower participation in the formal labor market due to lack of flexibility for caregiving.
"It is imperative that we continue to work to reduce these gaps and address these challenges," Hernandez stated.
"We are confident that, through concerted efforts and collaborative initiatives, we can eliminate these barriers and unlock the full potential of women as drivers of innovation, entrepreneurship, and sustainable development," she added.
"For trade to truly work for all, it must be underpinned by principles of resiliency, inclusion and sustainability. We cannot afford to leave anyone behind in our pursuit of economic growth (…) Resiliency is essential in navigating the uncertainties and challenges that characterize the global landscape," Galdo expressed.
"As we confront evolving geopolitical dynamics, technological disruptions and environmental challenges, we must build resilient economies that can withstand shocks and adapt to change," she added.
"In doing so, we can create opportunities for women to thrive in a rapidly changing world, enabling them to overcome adversity and seize new possibilities."
Minister Galdo explained that initiatives aimed at inclusive trade can help to break down the barriers that exclude women from fully participating in the economy, whether due to discriminatory practices, lack of access to resources or cultural norms.
"By fostering an environment where diversity is embraced and all voices are heard, we can harness the full potential of our human capital and drive inclusive growth that benefits everyone," she indicated.
Reflecting on the progress APEC has made since the 1996 Leaders' commitment to place emphasis on the full participation of women,
Dr. Rebecca Sta Maria, the APEC Secretariat's Executive Director, underlined that while APEC has made progress in ensuring women's economic inclusion and participation, the work is far from being done.
"For one, we could do better if we had more robust sex-disaggregated data, which is key to better-informed and well-targeted, tailored policy interventions (…) Also, there remains stubborn policy and data gaps, as well as socio-cultural norms that serve to take us back decades," she added.
Dr Sta Maria highlighted improving access to finance and markets for women, as well as collaborating with other international and multilateral organization to ensure policy coherence, as well as addressing gender biases in trade regulations and promoting women's participation in trade negotiations.
The executive director said that trade policies need to consider the specific needs and challenges faced by women.
"Ultimately, all the effort put in will amount to nought if we do not monitor and evaluate the effectiveness of our policies and programs, and adjust strategies accordingly," she concluded.