ASEAN ministers sign landmark region-wide digital economy agreement

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Trade, investment, and economic leaders of the Association of Southeast Asian Nations (ASEAN) on Saturday signed a landmark pact establishing a region-wide framework for…

Trade, investment, and economic leaders of the Association of Southeast Asian Nations (ASEAN) on Saturday signed a landmark pact establishing a region-wide framework for cross-border digital trade and e-commerce, the first agreement of its kind in the world.

The ASEAN Digital Economy Framework Agreement (DEFA) was signed by Philippine Trade Secretary Cristina Roque along with Cambodia Minister of Commerce Cham Nimul; Brunei Darussalam Minister of Economy, Trade, and Industry Dato Seri Setia Dr. Haji Abdul Manaf Bin Haji; Indonesian Coordinating Minister for Economic Affairs Airlagga Hartarto; Lao PDR Vice Minister of Industry and Commerce Manothong Vongsay, Malaysian Minister of Investment, Trade and Industry Datuk Seri Johari Abdul Ghani; Myanmar Union Minister for National Planning, Investment, and Foreign Economic Relations Aug Kyaw Hoe; Singapore Deputy Prime Minister and Minister of Trade and Industry Gan Kim Yong, Thailand Deputy Prime…

The ASEAN DEFA aims to reduce barriers to cross-border digital trade, data transfers, and electronic payments. For foreign businesses, it could simplify regional transactions and reduce duplicated compliance requirements.

In her remarks, Roque said that the signing of the ASEAN Digital Economy Framework Agreement, or DEFA, “marks a defining moment in ASEAN's economic integration and in our collective ambition to shape the future of the digital economy.”“After years of negotiations, consultations, and hard work, we are here to turn that ambition into a shared regional commitment. DEFA opens a new chapter in ASEAN cooperation, one that brings our economies closer together, extends the benefits of trade beyond physical borders, and positions our region to compete in an increasingly digital world,” she said.

She said that, through the DEFA, “we are building a more integrated digital economy for nearly 680 million people."

ASEAN’s digital economy is also poised to double its value from an estimated $1 trillion to $2 trillion by 2030.

“DEF…

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