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ASEAN signs Digital Economy Framework Agreement

The Digital Economy Framework Agreement (DEFA), the bloc’s first standalone and legally binding digital economy agreement, establishes common rules covering digital trade, cross-border data flows, electronic payments, cyber security and artificial intelligence (AI).

Manila (VNA) – Leaders of ASEAN member states signed the Digital Economy Framework Agreement (DEFA) on November 14 and are working to roll out the first projects under the agreement, aiming to deliver benefits to businesses and consumers from early 2027.

Speaking to the media after the signing ceremony, Singaporean Deputy Prime Minister Gan Kim Yong said DEFA, the bloc’s first standalone and legally binding digital economy agreement, establishes common rules covering digital trade, cross-border data flows, electronic payments, cyber security and artificial intelligence (AI).

Priority projects under the agreement could include digital payment systems, digital identification for businesses and electronic trade documents. These initiatives will help make cross-border transactions faster, easier and more cost-effective, while bringing ASEAN member states closer together.

The official expressed hope that by the time the agreement officially enters into force, ASEAN would be ready to launch a number of concrete initiatives and projects to benefit the business community and the public. The agreement is scheduled to take effect 180 days after its signing, replacing the 2019 ASEAN Agreement on Electronic Commerce.

According to a report by Google, Temasek and Bain & Company, cited by Singapore’s Ministry of Energy, Trade and Industry, ASEAN’s digital economy is projected to reach 368 billion USD in 2026 and exceed 1 trillion USD by 2035./.


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