Asean to start Digital Economy Framework Agreement talks to boost digital economy, unlock US$2t by 2030
Tengku Datuk Seri Zafrul Abdul Aziz, who serves as the Minister of Investment, Trade and Industry, represented Malaysia during the gathering. He highlighted that the analysis identified nine crucial aspects that Asean should prioritize while commencing DEFA discussions. These areas encompass e-commerce, cross-border transactions, safeguarding and transmission of data, and the mobility of talent within the region.
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Today, at 3:23 PM MYT, I am excited to share an update on the blog section.
The nations belonging to the Association of Southeast Asian Nations (ASEAN) are gearing up to commence talks for the Digital Economy Framework Agreement (DEFA) by the end of this year. This move aims to boost their digital economies and tap into a potential value of US$2 trillion by the year 2030.
The research on the Asean DEFA, which imagined a peaceful digital environment surpassing current deals, was approved during the 55th Asean Economic Ministers' (AEM) Meeting in Semarang, Indonesia, according to a statement by the Asean Secretariat today.
According to the analysis conducted by the Boston Consulting Group, the digital economy of Asean has the potential to grow three times larger by 2030, reaching almost US$1 trillion. Additionally, if progressive DEFA regulations are implemented, this value contribution could double to US$2 trillion.
The Malaysian Minister of Investment, Trade, and Industry, Tengku Datuk Seri Zafrul Abdul Aziz, attended the meeting and shared that the study has pinpointed nine crucial aspects that Asean should prioritize while initiating discussions on DEFA. These include areas like online business, transnational transactions, safeguarding data flow, protecting data, and enabling the mobility of talent within the region.
"He mentioned that the DEFA would present professionals with a plethora of chances to enhance their careers and acquire fresh abilities. It would also offer retraining opportunities and lifelong learning through digital platforms," he stated.
The DEFA will receive its official introduction at the upcoming 23rd Asean Economic Community Council gathering, followed by acknowledgment from Asean Leaders at the 23rd regional summit taking place in this location next month.
At the same time, the Asean Tariff Finder was also introduced during the AEM Meeting and Asean Business Advisory Council Consultation.
The website, tariff-finder.asean.org, assists merchants in optimizing the advantages of Free Trade Agreements and discovering potential markets in a whopping 160 countries.
