ASEAN countries sign first agreement on e-commerce
Singapore (VNA) - Economic ministers from the Association of
Southeast Asian Nations (ASEAN) on November 12 signed an agreement to
facilitate cross-border e-commerce transactions within the region.
The agreement, finalised after nine rounds of negotiations which started last
June, is the grouping's first agreement on e-commerce. It was signed on the
sidelines of the 17th ASEAN Economic Community (AEC) Council Meeting in
Singapore.
Apart from facilitating cross-border e-commerce transactions, the pact will
also look to foster an environment of trust and confidence in the use of
e-commerce as well as enhance collaboration in promoting the regional economic
growth.
Speaking that the signing ceremony, Singapore Trade and Industry Minister
Chan Chun Sing said that ASEAN is now the fastest growing market in the world,
with 330 million Internet users. By 2025, ASEAN’s Internet economy is forecast
to increase four fold, reaching 200 billion USD compared to 2017, with e-commerce
set to grow to 88 billion USD.
“The
agreement is testament to ASEAN’s commitment to create a conducive environment
for the growth of e-commerce through advancing trade rules in e-commerce and
building up greater digital connectivity within the region,” he said.
It will encourage paperless trading between businesses and governments, which
can generate more rapid and efficient transactions in ASEAN.
Businesses can access and move data across borders more easily, subject to
appropriate safeguards, he added.-VNA