Jakarta (VNA) - The Association of Southeast Asian Nations (ASEAN) is set to sign the Digital Economy Framework Agreement (DEFA) next year, which is expected to double the bloc’s digital economy.
During the 14th round of DEFA negotiations in Jakarta, Indonesia, the discussion progress is expected to reach 70%.
Addressing a press conference in Jakarta on October 7, Indonesian Coordinating Minister for Economic Affairs Airlangga Hartarto revealed that the group had been drafting some key provisions.
According to Airlangga, the digital economy of ASEAN member states valued at 263 billion USD in 2024 and is projected to grow to around 1 trillion USD by 2030. However, with the implementation of DEFA, this figure could potentially double to 2 trillion USD.
Indonesia is expected to remain the leading digital economy in ASEAN. Airlangga said the country’s digital economy is forecast to reach 360 billion USD by 2030, up sharply from 90 billion USD in 2024. E-commerce will serve as the main pillar, contributing about 150 billion USD by 2030.
He added that the negotiating committee has agreed on five priority provisions to be finalised - digital financial services, electronic transmissions based on WTO rules on import tax exemptions for digital transactions, non-discrimination of digital products, submarine cable management, and flexibility in electronic payment systems.
Le Quang Lan, Director of the Market Integration Directorate at the ASEAN Secretariat, said that for Vietnam, DEFA holds great significance as it marks the first time the country has participated in a comprehensive digital economy agreement. This requires government agencies and businesses to speed up digital transformation and enhance readiness in both legal frameworks and infrastructure.
With a population of 680 million, ASEAN’s digital technology market is seen to be among the most dynamic in the world. The bloc began negotiating DEFA in 2023, during which Jakarta was at the group’s helm. ASEAN claimed that this will become the world’s first major regionwide digital economy agreement./.
VNA
