Asean states sign Digital Economy Framework Agreement, which kicks in from early 2027

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Priority projects under the pact can include digital payment systems, digital identities for businesses and electronic trade documentation

Priority projects under the pact can include digital payment systems, digital identities for businesses and electronic trade documentation

[MANILA] Asean member states have signed a landmark digital economy agreement and are working to roll out the first projects under the pact to benefit businesses and consumers in early 2027, said Singapore Deputy Prime Minister Gan Kim Yong.

The Digital Economy Framework Agreement (Defa) was signed by Asean member states in Manila on Nov 14 following negotiations that began in September 2023.

In a doorstop interview after the signing, Gan said priority projects under the pact could include digital payment systems, digital identities for businesses and electronic trade documentation, which would make cross-border transactions faster, easier and less costly.

“We hope that by the time we have the agreement come into force, we will already be ready with a few initiatives, with a few projects that we can embark on to benefit our businesses and our people,” he told reporters.

“I think this is digital connectivity in a way to connect Asean better to one another.

“This is over and above the physical connectivity that we have been working on – supply chain resilience, shipping connectivity, and so on,” said Gan on the sidelines of the 28th Asean Economic Community Council meeting in Manila.

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In his interview, he also touched on Singapore’s two broad economic priorities when it takes over as Asean chair from the Philippines in 2027. These will be deepening integration within Asean and expanding cooperation with external partners.

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