ASEAN has started talks on a new framework that could unlock a potential US$2 trillion (S$2.7 trillion) in its digital economy by 2030.
The bloc has launched negotiations on the ASEAN Digital Economy Framework Agreement (Defa), which will facilitate more seamless cross-border digital trade.
Singapore’s Ministry of Trade and Industry (MTI) said on Sunday that the framework will make it easier to do business within the region by improving rules in key areas such as digital trade facilitation and payments.
The development of the widely anticipated framework agreement comes after the bloc met in August to endorse a study on Defa.
According to the study, done by the Boston Consultancy Group, the agreement is projected to double the regional digital economy from US$1 trillion to US$2 trillion by 2030.
The ASEAN Defa negotiations are targeted for conclusion by 2025.
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