ASEAN member states are set to sign a landmark regional digital economy agreement at the 47th ASEAN Summit in November, after wrapping up negotiations this week. According to a report by CNA, the deal is expected to become ASEAN’s first comprehensive region-wide agreement focused entirely on the digital economy.
Singapore’s Ministry of Trade and Industry (MTI) said negotiations on the ASEAN Digital Economy Framework Agreement (DEFA) were successfully concluded during a meeting of ASEAN senior economic officials in Manila from 27 to 29 May. The agreement aims to strengthen digital connectivity across the region and establish a common set of rules to support growing cross-border digital activity.
Under the framework, ASEAN countries will work towards streamlining digital trade procedures, supporting trusted cross-border data flows, improving digital payments and electronic transactions, enhancing online consumer protection, and boosting interoperability between national digital systems.
MTI said the agreement is expected to create new opportunities for businesses, particularly small and medium-sized enterprises, to expand across Southeast Asia’s fast-growing digital economy. Consumers are also expected to benefit from greater confidence in making cross-border online transactions.
Beyond trade and payments, the DEFA includes provisions covering emerging sectors such as artificial intelligence, financial technology and source code protection. The ministry said the agreement will help ASEAN economies adapt to increasing digitalisation while supporting job creation and future economic growth.
Singapore said it played an active role in the negotiations and thanked Thailand, which chaired the DEFA negotiating committee, along with other ASEAN member states, the ASEAN Secretariat and business stakeholders for helping bring the agreement to completion.
The agreement is expected to be formally signed by ASEAN leaders at the 47th ASEAN Summit in November.
