Bangkok (VNA) – The Association of Southeast Asian Nations (ASEAN) and the Russia-ASEAN Business Council (RABC) have signed a memorandum of understanding (MoU) on mutual understanding, creating a foundation for bilateral cooperation in the time ahead, especially in the digital field.

The information was revealed by RABC Executive Director Daniyar Akaziev on the sidelines of the Thailand-Russia Committee for Bilateral Cooperation held in Thailand on December 27.

He said that based on the MoU, which was inked at the ASEAN Business and Investment Summit in Singapore on November 12 and 13, the initiative to create a Russia-ASEAN digital environment will be implemented from next year when Thailand assumes the Chair of ASEAN.

Akaziev affirmed that the two sides hold much potential for cooperation in the fields of cyber security, digital television, and ensuring the quality of software.

ASEAN’s digital economy is forecast to be valued at 240 billion USD by 2025, of which 88 billion USD will come from e-commerce.

According to statistics of the Singapore-based investment company Temasek, the bloc’s digital economy was valued at 50 billion USD last year, of which e-commerce contributed 10.9 billion USD.-VNA