Lima, 12
November —Today, the APEC Business Advisory Council
(ABAC)’s Digital Innovation Task Force (DITF) launched the new report “E-formalization:
How the Digital Economy can Unlock & Empower APEC Economies,” at an
event in Lima, Peru.
Empowering
the transition to the formal economy was a 2024 APEC priority under Peru’s
Chairmanship. Informality is a longstanding challenge, representing 13.4
percent of APEC’s overall GDP, varying significantly from 8.5 percent in the
United States to 59 percent in Peru, where it poses a particularly difficult
challenge.
“Informality
limits economic potential and holds back better opportunities for millions,”
said ABAC Chair Julia Torreblanca. “This report offers a fresh look at
practical digital solutions that are having an impact.”
Over
the next decade, as digital platforms drive 70 percent of new global value, the
potential for micro-, small, and medium-sized businesses (MSMEs) in the formal
digital economy has never been clearer.
“We wanted to take stock of whether rapid acceleration of digitalization
could help informal workers and businesses transition to the formal economy,”
said Jan De Silva, ABAC Canada member and Chair of ABAC’s Digital Innovation
Task Force. “Our findings show that digital tools are showing promise in
facilitating a transition to formality”, De Silva added.
This
first-of-its kind report highlights how digital tools
are simplifying bureaucratic processes, increasing access to financing, and
expanding MSMEs’ market reach through e-government procurement, e-payments,
e-commerce platforms, and platform economy applications. It includes a
comprehensive analysis of the state of informality and digitalization in each
APEC economy, offering promising digital practices and policy actions to
empower MSMEs in this transition.
“By addressing the challenges of the informal economy with
digital solutions, APEC has a powerful opportunity to promote inclusive growth
across the region. We are pleased to deliver this work as a guide.”
Torreblanca concluded.
https://www2.abaconline.org/assets/2024/ABAC_Canada_E-Formalization_Report.pdf
_______________________________________________________________________
APEC Member Economies: Australia; Brunei
Darussalam; Canada; Chile; China; Hong Kong, China; Indonesia; Japan; Korea;
Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; Philippines; Russia;
Singapore; Chinese Taipei; Thailand; United States of America; and Viet
Nam.
ABAC was created by APEC Leaders in 1995 to be the
primary voice of business in APEC. Each economy has three members who are
appointed by their respective Leaders. They meet four times a year in
preparation for the presentation of their recommendations to the Leaders in a
dialogue that is a key event in the annual Leaders Meeting.
Under Peru’s leadership, ABAC is pursuing a work
program under the theme “People. Business. Prosperity.” to respond to the
challenge of maintaining the economic vitality of the Asia-Pacific Region and
ensure it benefits all.
ABAC 2024 Chair is Julia Torreblanca (Peru) and the Co-Chairs are Dominic Ng (USA) and H. S.
Cho (Korea), with three (3) working group chairs, namely: Rachel Taulelei, Regional
Economic Integration Working Group (REIWG); Ning Gaoning, Sustainability
Working Group (SWG); and Tom Harley, Human Development Working Group (HDWG); and
two (2) Task Force Chairs, namely: Jan De Silva, Digital and Innovation Task
Force (DITF); and Hiroshi Nakaso, Finance and Investment Task Force (FITF).
For further
information please contact:
Mr. Luciano
Paredes, ABAC Executive Director 2024 Mobile:
+51 997 587 486 Email: lparedes@comexperu.org.pe
Mr. Antonio
Basilio, Director, ABAC Secretariat Mobile:
+63 917 849 3351 Email:
abacsec@pfgc.ph
