The formalization of economic actors in
APEC economies is one of the main goals that Peru seeks to achieve, for which it will present a roadmap to properly facilitate such transition, said Ambassador Carlos Vasquez, 2024 Chair of APEC
Senior Officials' Meetings.
Moreover, he told Andina news agency that this goal is linked to the priority "Innovation and digitalization to promote transition to the formal and global economy," one of the priorities that Peru proposed to the APEC 2024 Presidency and has been assumed by the Asia-Pacific economies.
"This priority has to do with the formalization of informal economic actors and is one of the principal issues and objectives that Peru aims to achieve throughout this year," he said.
For this purpose, the SOM chair stated that a roadmap will be presented to adequately manage the transition of informal actors towards formalization not only in Peru but in every APEC economy dealing with this problem.
According to Vasquez, the roadmap will include basic elements that will be public policy recommendations to adequately manage this transition, such as structural reforms on issues such as pension systems, labor standards, and labor regulations.
"This is a topic that we are also discussing within the framework of the Organisation for Economic Co-operation and Development (OECD), which has provided a series of recommendations regarding the policies we must apply to reduce informality levels," he pointed out.
According to Ambassador Vasquez, other elements that will be contained in the roadmap include financial inclusion, since informal economic actors have no access to formal financial entities; as well as access to public health services, education, and the judicial system, because if economic operations are not registered, it becomes very difficult to access the national justice system.
"Another highly important issue is access to digitalization. Many experts have stated that digital tools are conducive to reducing informality levels not only in Peru but in other economies, because they reduce transaction costs and registration fees of companies at formal systems," he remarked.
(END) FHG/RMB/MVB
Published: 4/15/2024