ASEAN Nations Sign Digital Economy Framework Agreement To Deepen Economic Integration
From Linda Khoo Hui Li
MANILA, Nov 14 (Bernama) -- ASEAN nations on Saturday signed the landmark Digital Economy Framework Agreement (DEFA), a pact aimed at making it easier for businesses to trade online and reach customers across the region.
The signatories were trade ministers from all 11 ASEAN member states, including Malaysia’s Investment, Trade and Industry Minister Datuk Seri Johari Abdul Ghani.
Philippine Trade and Industry Secretary Cristina Roque said during the signing ceremony that the pact marked a “defining moment in ASEAN economic integration”.
She said DEFA could help double the region’s digital economy from an estimated US$1 trillion to US$2 trillion by 2030.
The agreement, she said, provides a common framework for cross-border e-commerce, electronic payments and data flows, helping businesses reach customers across the region and giving consumers greater confidence in online transactions.
“Our real task now is to translate these commitments into practical outcomes,” she said.
Roque said the signing turned years of negotiations and consultations into a shared commitment to bring ASEAN economies closer together and widen access to the benefits of digital trade.
She said the agreement provides a common framework for cross-border e-commerce, electronic payments and data flows, helping businesses reach customers across the region and giving consumers greater confidence in online transactions.
Roque said ASEAN governments must work together to put the necessary infrastructure in place and ensure the agreement is implemented in a way that meets the needs of smaller businesses.
Roque urged businesses to invest in digital solutions, strengthen regional partnerships and help bring micro, small and medium enterprises (MSMEs) into the digital economy.
DEFA negotiations concluded in May after ASEAN senior economic officials resolved the remaining issues at a meeting in Manila from May 27 to 29.
-- BERNAMA