Asean launches talks on $2.7 trillion digital economy pact to drive more seamless trade

Online trade all around nations in South-east Asia is set to become rapid and more convenient, as Asean begins work on a fresh framework that could rise capacity of US$2 trillion (S$2.7 trillion) in its digital economy by 2030. The bloc on Sunday brought negotiations on the Asean Digital Economy Framework Agreement (Defa), which will facilitate more seamless cross-border digital trade.

Singapore’s Ministry of Trade and Industry (MTI) said on Sunday that the framework will help in doing business within the area by polishing rules in essential regions like digital trade facilitation and payments. “It also has a goal to address top-of-mind emerging trends and growth such as artificial intelligence,” added MTI. The bringing of negotiations on the Asean Defa took place at the 23rd Asean Economic Community (AEC) Council Meeting, taking place in Jakarta.

Singapore was represented by Minister for Trade and Industry Gan Kim Yong. The growth of the well expected framework agreement happens after the bloc encountered in Semarang in Central Java in August to endorse a study on Defa. As the study suggests , pursued by the Boston Consultancy Group, the agreement is aimed to double the areal digital economy from US$1 trillion to US$2 trillion by 2030. The Asean Defa negotiations are aimed for conclusion by 2025. Mr Gan said that bringing negotiations on the Asean Defa builds on the proficient work the party has completed.