On the twelfth day of the First Senior Officials’ Meeting (SOM1) and related events of the Asia-Pacific Economic Cooperation (APEC) forum, delegates from the 21 member economies participated in technical sessions on topics including digital connectivity and formalization in the Asia-Pacific region.

The SCE Policy Dialogue “Understanding the Nexus between Digital Connectivity and Formalization in Asia-Pacific” was held on this day. Participating experts shared insights on policies to be included in a roadmap for the transition to the formal and global economy. They also discussed the role of digital connectivity for formalization in the region.

Hernando de Soto, President of the Institute for Liberty and Democracy (ILD), participated in the event and highlighted the importance of formalization in Asia-Pacific economies. He argued that informality is not a problem, but rather a temporary stopgap for those who lack access to formality.