Navigating Technological Change: AI, Innovation and Inclusion in APEC

"APEC can serve as a testing ground, an incubator of ideas, where we can explore and develop strategies that make technology work for all of us."

As we look ahead to 2024, Peru stands committed to bridging gaps and fostering inclusion across our economies. Our theme for the year, "Empower. Include. Grow.," reflects our dedication to creating opportunities for all, particularly for those who have been historically left behind.

Throughout the year, APEC has focused on inclusive digital transformation, financial inclusion, and open finance-tools that will empower the untapped economic potential within our communities. This mission is particularly crucial for women in the economy and for those working in the informal economy, who deserve a fair chance to thrive and be included in the formal and global economy.

As we pursue the goals of the Putrajaya Vision, we are keenly aware that we live in an era of rapid technological change. Moore's Law, which tells us that computing power doubles every two years, has driven this transformation for decades. But it's more than just a prediction-it's a reality that we see all around us.

Consider this: It took the telephone 50 years to reach 50 million users. Computers did it in 14 years, mobile phones in 12. The internet, in just seven years, connected 50 million people. Social media platforms like Facebook managed this in three years, while WeChat took only one. And most recently, ChatGPT reached 100 million users in just two months.

This rapid pace of technological adoption is unprecedented, and it challenges us to think critically about how we harness these advances to achieve the vision of a more interconnected and resilient Asia-Pacific. It is within this context that Artificial Intelligence (AI) becomes both a powerful tool and a complex challenge for our economies.

AI holds the promise of revolutionizing sectors across our economies.

In health: AI is enabling earlier detection of diseases like breast cancer, saving lives and improving outcomes. This aligns with the priorities discussed at the 14th APEC High-Level Meeting on Health and the Economy, where we emphasized the importance of sustainable and resilient health systems, using digital health tools to expand access to quality services.

In our cities: AI is optimizing traffic flows, reducing congestion, and making urban life more manageable.

In the workplace: AI can help us remove biases from hiring processes, paving the way for a more diverse and inclusive workforce.

In our financial systems: AI is enhancing fraud detection, safeguarding our transactions, and building trust in our digital economy.

However, with these advancements come significant challenges. AI, while powerful, is also capable of perpetuating biases, invading privacy, and even eroding the human touch in decision-making. We must ask ourselves: How do we harness the benefits of AI while safeguarding against its risks?

This is where APEC plays a crucial role. As outlined in the Putrajaya Vision, we are committed to fostering innovation and digitalization, creating an enabling environment where all our people and businesses can participate and grow. This means not only embracing AI but doing so in a way that promotes strong, balanced, secure, sustainable, and inclusive growth.

In fact, our work during APEC Peru 2024 has been guided by the APEC Putrajaya Vision, as a bold and forward-looking framework that envisions an open, dynamic, resilient, and peaceful Asia-Pacific community by 2040. Our vision is not just a set of aspirations, it is a roadmap for ensuring that the prosperity we build today extends to all our people and future generations.

The commitments made during APEC Peru 2024, such as the APEC Women and the Economy Forum held in Arequipa this year provided a clear example of how digitalization and innovation can be harnessed to promote gender equality and economic empowerment. By supporting women in science, technology, engineering, and mathematics (STEM) careers and enhancing their access to digital tools and financial services, we are laying the groundwork for a more inclusive future.

APEC can serve as a testing ground, an incubator of ideas, where we can explore and develop strategies that make technology work for all of us. But for this to happen, we need coherence and interoperability across our economies. Our leaders and ministers must provide clear, decisive guidance to ensure that our collective efforts are aligned and effective.

Our commitment to these discussions is what drives our progress. Together, we are navigating the complexities of AI and digital transformation, and together, we can ensure that these powerful tools are used to create a more inclusive, sustainable, and prosperous future for all.

As we move forward, let us embrace this moment. Let us be bold in our vision and steadfast in our actions. The pace of change may be rapid, but with the right strategies, we can harness that change for a greater Asia-Pacific.

***Ambassador Carlos Vasquez is the Chair of Senior Officials' Meeting for APEC Peru 2024.

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