As part of
, the Peruvian government is leading a historic effort to address informality among Asia-Pacific member economies by signing a "Roadmap to Formalization," also referred to as the "Lima Roadmap," Peru's Senior Official for APEC, Minister Renato Reyes, announced.
According to the diplomat, this initiative aims to establish inclusive and sustainable frameworks for vulnerable sectors within the 21 member economies.
"This roadmap outlines eight key areas, ranging from regulatory coherence and financial access to financial education and healthcare," Reyes said in remarks to
Andina News Agency.
The Peruvian proposal includes an active engagement strategy to better understand the specific challenges of vulnerable sectors, fostering their transition to and sustained participation in the formal economy.
The inclusion of informality in APEC's agenda marks a significant milestone.
Reyes stated that
Peru introduced this issue in 2021 supported by the Ministry of Foreign Affairs, and it has now been consolidated into the
implementation plan for APEC's Vision towards 2024.
"Some experts in the Asia-Pacific region view Peru's contribution as the missing link in the economic growth agenda," he indicated.
Reyes noted that informality's impact is particularly profound among vulnerable groups.
In this regard, he noted that, according to experts, 90% of people with disabilities in the region are engaged in informal labor, and over 50% do not attend school.
Furthermore, the
International Labour Organization (ILO) estimates that
600 million women across the Asia-Pacific region are employed in the informal sector, with 60% lacking access to job stability and social benefits.
In addition to the roadmap, the signing of a "Declaration on a New Vision for the Free Trade Area of the Asia-Pacific" and the "APEC Economic Leaders' Declaration" are expected.
Reyes underlined that the free trade area and future trade agreements should become instruments for fostering economic inclusion, sustainability, and resilience in the region.
"We are facing a major challenge related to poverty reduction and supporting the most vulnerable sectors," he emphasized, highlighting that
APEC Peru 2024 aims to serve as a catalyst for inclusive growth across the Asia-Pacific region.
21 leading economies
APEC is made up of:
Australia, Brunei Darussalam, Canada, Chile, People's Republic of China, Hong Kong, Indonesia, Japan, Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, the Russian Federation, Singapore, Chinese Taipei, Thailand, the United States, and Viet Nam.
Together, they account for 62% of world's GDP, 48% of global trade in goods and services, plus 38% of the planet's population.
(END) OPG/RMCH/MAT/MVB