ECONOMIC development and gender officials from member economies of the Asia-Pacific Economic Cooperation (Apec) have introduced new individual action plans for advancing women’s representation in leadership over the next five years.
The scheme, which was set in motion by officials and business representatives at the Apec Women and the Economy Forum last year, prompted each Apec member to formulate targets and plans for realizing them based on their own definitions and indicators.
Specifically, Apec member economies are developing their own set of measurable and aspirational voluntary goals toward enhancing the role of women in leadership, decision-making and management in the public and private sectors.
“Individual economic and social circumstances of an economy must be taken into account for gender policies to have the desired impact across such a hugely diverse region,” explained Emmeline Verzosa, executive director of the Philippine Commission on Women and cochair of the Apec Policy Partnership on Women and the Economy.
“The paths Apec members take toward greater gender equality may vary, but ultimately we are all striving for the same thing and can learn a great deal from each other’s policy lessons and experiences moving forward,” Verzosa said.
Two-thirds of Apec’s 21 members have already submitted their respective individual action plans. The progress in their implementation will be reported to the Apec Leaders and Ministers in 2017 and again in 2021.
This move was deemed crucial in effectively boosting the region’s sustainable and inclusive growth, as increased women participation was expected to add some $89 billion to Apec economies.
“Increased participation of women in economic activities will serve as a catalyst to growth and is what Apec members are determined to take forward through this individual action plan scheme,” explained Philippine Trade Undersecretary Nora K. Terrado, who also served as chair of the Apec Women and the Economy fora held last month.
“Ultimately, women are recognized as vital contributors in the growth of an economy. The United Nations estimated that the Apec region was losing up to $47 billion in output each year due to lack of women’s participation in labor markets whereas here in the Philippines, around 54 percent of all registered trade names are owned by women,” Terrado added.
The trade official further emphasized that in bringing the interest of the micro, small and medium enterprises at the front and center in the decision making of the global trade fora, economies should also support unleashing the economic potential of women as vital actors in regional and global trade agenda.