Asean signs digital economy pact to ease regional online trade
The agreement establishes a shared framework covering data flows, electronic payments and cross-border e-commerce, with smaller businesses among the implementation priorities.
Trade ministers from Asean’s 11 member states signed the Digital Economy Framework Agreement (Defa) on Nov 14 in Manila to facilitate online commerce across the region. Investment, Trade and Industry Minister Datuk Seri Johari Abdul Ghani signed for Malaysia.
Speaking at the ceremony, Philippine Trade and Industry Secretary Cristina Roque said the agreement could help Asean’s digital economy reach US$2 trillion by 2030, doubling its estimated size of US$1 trillion (RM4.08 trillion).
Roque said the shared framework covering data flows, electronic payments and cross-border e-commerce would enable businesses to reach regional customers while improving consumers’ confidence in online transactions. She said the pact reflected a commitment to closer economic integration and wider access to digital trade.
For implementation, Roque said governments must jointly develop the infrastructure required and take account of smaller businesses’ needs. She urged businesses to invest in digital solutions, build stronger regional partnerships and help micro, small and medium enterprises (MSMEs) participate in the digital economy.
The negotiations ended in May, after outstanding matters were settled by Asean senior economic officials meeting in Manila from May 27 to 29.
