Southeast Asian nations sign digital trade deal to ease payments and cut paperwork
Detailed summary
Online shopping and digital services are growing across Southeast Asia, but businesses still face different rules in each country. ASEAN’s new agreement aims to make it easier to sell, receive payments and share data across the region.
Southeast Asian nations signed an agreement on Saturday aimed at making it easier for businesses to trade online, make payments and transfer data across borders.The Digital Economy Framework Agreement was signed by ministers in Manila. It is the Association of Southeast Asian Nations’ (ASEAN) first stand-alone, legally binding agreement on the digital economy.It is due to take effect in May 2027, 180 days after signing, and replace the bloc’s 2019 agreement on electronic commerce, according to Singapore’s trade ministry.Philippine President Ferdinand Marcos Jr.
Opening of the article, excerpted from Euronews Business. To read the rest, open the article on the publisher's site.
MarketNews shows the headline and summary published by the outlet. The full article is on the publisher's website. (www.euronews.com)
