ASEAN eyes signing of digital economy pact at November Manila summit

The DEFA addresses the complexities of the digital age with streamlined, robust, and shared digital rules. It builds upon existing ASEAN digital economy commitments by establishing common frameworks that facilitate digital trade, simplify procedures, support trusted cross-border data flows, enhance digital payments and electronic transactions, strengthen online consumer protection, and promote greater digital interoperability. According to MTI, the agreement will particularly benefit small and medium enterprises by making it easier to access opportunities in Southeast Asia's expanding digital economy, while also increasing consumer confidence in digital transactions. The pact also encompasses emerging fields like artificial intelligence, financial technology, and source code protection. MTI believes the agreement will foster quality jobs and prepare Singapore and ASEAN for future economic development as digital technologies become more prevalent and businesses expand internationally. Singapore played an active role in developing a high-quality and commercially meaningful agreement, with thanks extended to Thailand for its leadership as chair of the negotiating committee, and to all member states, the ASEAN Secretariat, and business stakeholders for their contributions.