Talks to boost cross-border digital payments and digital labor mobility come as ASEAN’s digital economy is projected to be worth $2 trillion by 2030.
MANILA, Philippines – Strengthening the region’s digital economy and cross-border digital payments are among the topics to be discussed during the ASEAN Economic Ministers’ (ASEAN) reference meetings and related meetings.
Lyn Aquia, director of the Department of Trade and Industry-Office of International Trade Relations, emphasized the importance of the ASEAN Digital Economy Framework Agreement (DEFA), which is said to be a comprehensive global digital regional agreement.
The talks remain confidential for now, but Aquia said the agreement aims to harmonize digital business rules and establish policies on issues such as e-commerce and cyber security. The initiative comes as ASEAN’s digital economy is estimated to be worth nearly $2 trillion by 2030.
“These laws will help businesses, especially small, small and medium enterprises through improved cooperation in areas such as digital payments and electronic record keeping,” Aquia said.
ASEAN members are expected to sign DEFA by November. Aquia said in an interview with the media on Tuesday, March 10, that they expect to finalize the text of the deal in the first half of the year and go through the internal process of ASEAN member countries.
Other economic priorities for regional economic leaders include the establishment of an ASEA Center of Excellence for micro, small and medium enterprises, as well as the creation of a regional map of semiconductor and precious metal operators.
Chief economic officials from 11 ASEAN countries are set to discuss priorities during the economic ministers’ recess on Friday, March 13. Other important meetings this week include a meeting of legal experts for DEFA. – Rappler.com
