ASEAN launches negotiations on digital economy framework agreement

The framework aims to facilitate more seamless cross-border digital trade.

Singapore, together with other member states of the ASEAN, has kicked off negotiations on the framework agreement that aims to facilitate more seamless cross-border digital trade.

According to the Ministry of Trade and Industry (MTI), the ASEAN Digital Economy Framework Agreement (DAFA) will “make it easier to do business within the region by improving digital rules in key areas such as digital trade facilitation, payments, standards and data.”

“It also aims to address top-of-mind emerging trends and developments such as
Artificial Intelligence,” the MTI added.

The ASEAN DEFA will conclude by 2025.

A study from the Boston Consulting Group showed that the framework agreement will double the regional digital economy from US$1t to US$2t by 2030.