ASEAN Wraps Up Talks On Digital Economy Deal, Targets November Signing
MANILA, May 30 (Bernama-PNA) -- Negotiations for the ASEAN Digital Economy Framework Agreement (DEFA), the region’s first comprehensive digital economy pact, have concluded, paving the way for its signing in November this year, Philippine News Agency (PNA) reported.
All outstanding issues in the negotiations were resolved during the second meeting of the 57th ASEAN Senior Economic Officials Meeting (SEOM) held in Manila from May 27 to 29.
“This marks the successful conclusion of the negotiations on ASEAN’s first region-wide digital economy agreement and a major milestone in advancing the ASEAN Leader’s vision of a digitally integrated, secure, interoperable, competitive and inclusive regional economy,” Department of Trade and Industry - Bureau of International Trade Relations Director Mary Sherylyn Aquia, chairperson of the ASEAN SEOM, said on Saturday.
Aquia said ASEAN DEFA is expected to play a transformative role in unlocking the full potential of the regional bloc’s digital economy.
ASEAN’s digital economy is projected to reach US$1 trillion by 2030 under current growth trends.
With the implementation of the deal, studies cited by the regional bloc indicate that the value could potentially double to US$2 trillion by 2030.
The expected growth would strengthen ASEAN’s position as one of the world’s leading digital growth hubs, attracting investments, creating jobs, supporting entrepreneurship and expanding opportunities for businesses and communities across the region.
ASEAN economic officials are looking forward to the signing of the ASEAN DEFA in November, alongside the 28th ASEAN Economic Community (AEC) Council Meeting and the 49th ASEAN Summit.
The agreement covers key areas of the digital economy, including digital trade, cross-border e-commerce, data governance and privacy, digital identity, electronic payments, online safety and cybersecurity cooperation, competition policy, artificial intelligence and digital talent mobility.
It builds on ASEAN’s ongoing digital integration efforts, such as the ASEAN Single Window, digital payments connectivity, cross-border data initiatives, online consumer protection and the ASEAN Unique Business Identification Number (UBIN).
ASEAN DEFA is expected to strengthen digital connectivity, boost trust in online transactions and reduce barriers to cross-border digital trade, creating a more seamless environment across the region.
“ASEAN DEFA forms part of ASEAN’s broader and rapidly evolving digital architecture that is shaping the future of trade, investment and innovation in the region.
“More than a digital trade agreement, the ASEAN DEFA seeks to makes it easier, safer and more seamless for business and consumers to participate in the digital economy across ASEAN,” the ASEAN SEOM chair said.
Beyond facilitating digital trade, the agreement is designed to serve as a development and integration tool by helping narrow development gaps among member states and expanding opportunities for micro, small and medium enterprises (MSMEs).
The agreement is expected to play a key role in advancing the goals of ASEAN 2045: Our Shared Future and the AEC Strategic Plan 2026-2030.
The AEC Council Ministers underscored that the full benefits of the ASEAN DEFA can only be realised through its timely signing, effective implementation and sustained cooperation among ASEAN member states and stakeholders.
“Its objective is not merely to increase digital trade, but to ensure that the opportunities created by digital transformation are more widely shared across ASEAN member states and their peoples.
“It reflects ASEAN’s collective commitment to deepen regional economic integration, strengthen competitiveness and unlock new opportunities for innovation, investment and sustainable growth across the region,” Aquia said.
-- BERNAMA-PNA
