ASEAN Set To Sign Digital Economy Agreement In November
By Anas Abu Hassan
SINGAPORE, May 31 (Bernama) -- ASEAN member states have concluded negotiations on the ASEAN Digital Economy Framework Agreement (DEFA), paving the way for the landmark pact to be signed at the 47th ASEAN Summit in November, Singapore's Ministry of Trade and Industry (MTI) said on Sunday.
In a statement, MTI said the negotiations were concluded at the Second Meeting of the 57th ASEAN Senior Economic Officials Meeting (SEOM), held in Manila, the Philippines, from May 27 to 29.
It said the ASEAN DEFA addresses the complexities of the digital age through streamlined, robust and shared digital rules.
MTI said the framework also breaks new ground by addressing emerging areas such as artificial intelligence (AI), financial technology (fintech) and source code protection.
"Building on ASEAN’s existing digital economy commitments, the DEFA establishes common rules and frameworks that facilitate digital trade, simplify digital trade procedures, support trusted cross-border data flows, enhance digital payments and electronic transactions, strengthen online consumer protection, and promote greater digital interoperability across the region," the statement read.
According to MTI, Singapore played an active role in delivering a high-quality and commercially meaningful agreement.
"We thank Thailand as Chair of the DEFA Negotiating Committee for its leadership, and all member states, the ASEAN Secretariat, and business stakeholders for their contributions," it added.
-- BERNAMA
