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JAKARTA – Online trade across countries in South-east Asia is set to become faster and more convenient, as Asean starts work on a new framework that could unlock a potential US$2 trillion (S$2.7 trillion) in its digital economy by 2030.
Asean launched negotiations on the Asean Defa, which will facilitate more seamless cross-border digital trade, in Jakarta, on Aug 3. PHOTO: REUTERS
The bloc on Sunday launched negotiations on the Asean Digital Economy Framework Agreement (Defa), which will facilitate more seamless cross-border digital trade.
Singapore’s Ministry of Trade and Industry (MTI) said on Sunday that the framework will make it easier to do business within the region by improving rules in key areas such as digital trade facilitation and payments.
“It also aims to address top-of-mind emerging trends and developments such as artificial intelligence,” added MTI.
The launch of negotiations on the Asean Defa took place at the 23rd Asean Economic Community (AEC) Council Meeting, held in Jakarta. Singapore was represented by Minister for Trade and Industry Gan Kim Yong.
The development of the widely anticipated framework agreement comes after the bloc met in Semarang in Central Java in August to endorse a study on Defa.
According to the study, done by the Boston Consultancy Group, the agreement is projected to double the regional digital economy from US$1 trillion to US$2 trillion by 2030.
The Asean Defa negotiations are targeted for conclusion by 2025.
Mr Gan said that launching negotiations on the Asean Defa builds on the good work the group has done.
He added: “It will digitally join up our region and bring us closer to achieving an open, secure and competitive regional digital economy.
www.straitstimes.com
Asean launched negotiations on the Asean Defa, which will facilitate more seamless cross-border digital trade, in Jakarta, on Aug 3. PHOTO: REUTERS
The bloc on Sunday launched negotiations on the Asean Digital Economy Framework Agreement (Defa), which will facilitate more seamless cross-border digital trade.
Singapore’s Ministry of Trade and Industry (MTI) said on Sunday that the framework will make it easier to do business within the region by improving rules in key areas such as digital trade facilitation and payments.
“It also aims to address top-of-mind emerging trends and developments such as artificial intelligence,” added MTI.
The launch of negotiations on the Asean Defa took place at the 23rd Asean Economic Community (AEC) Council Meeting, held in Jakarta. Singapore was represented by Minister for Trade and Industry Gan Kim Yong.
The development of the widely anticipated framework agreement comes after the bloc met in Semarang in Central Java in August to endorse a study on Defa.
According to the study, done by the Boston Consultancy Group, the agreement is projected to double the regional digital economy from US$1 trillion to US$2 trillion by 2030.
The Asean Defa negotiations are targeted for conclusion by 2025.
Mr Gan said that launching negotiations on the Asean Defa builds on the good work the group has done.
He added: “It will digitally join up our region and bring us closer to achieving an open, secure and competitive regional digital economy.
Asean launches talks on $2.7 trillion digital economy pact to drive more seamless trade
The Asean Digital Economy Framework Agreement is targeted for conclusion by 2025. Read more at straitstimes.com.
