Innovation and digitalization to promote transition to the formal and global economy

APEC will double down on policy frameworks and strategies that support capacity building and exchange of policies, practices and incentives in common areas of interest that facilitate the transition from informal employment and informal entrepreneurship to formality.

Peru will attach particular importance to the role of the social economy to improve competitiveness and to drive the formalization process; the transition to the formal economy through technology (e- formality); and promoting formalization in value-added chains to facilitate regional trade and access to financing.

Special focus will be on narrowing gaps through inclusive digital transformation, financial inclusion and open finance to empower groups with untapped economic potential. Peru will also prioritize women in the economy and the informal economy in the tourism sector.