Online trade across countries in South-East Asia is set to become faster and more convenient, as Asean starts work on a new framework that could unlock a potential US$2 trillion (S$2.7 trillion - RM9.27 trillion) in its digital economy by 2030.
The bloc on Sunday launched negotiations on the Asean Digital Economy Framework Agreement , which will facilitate more seamless cross-border digital trade.
The launch of negotiations on the Asean Defa took place at the 23rd Asean Economic Community Council Meeting, held in Jakarta. Singapore was represented by Minister for Trade and Industry Gan Kim Yong. He added: “It will digitally join up our region and bring us closer to achieving an open, secure and competitive regional digital economy.
In 2022, Singapore’s total trade in goods with Asean amounted to $344.3 billion, an increase of about 19 per cent over the previous year. Singapore invested $23.9 billion into Asean in 2022, up 8 per cent from the previous year. Similarly, director of regional public affairs and policy at technology company Grab Jamie Ko said that the diverse economies in the region can unlock greater potential with more integrated digital economic cooperation.
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