Asean launches talks on $2.7 trillion digital economy pact to accelerate seamless trade | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Saturday
July 12, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
SATURDAY, JULY 12, 2025
Asean launches talks on $2.7 trillion digital economy pact to accelerate seamless trade

Global Economy

TBS Report
04 September, 2023, 12:35 pm
Last modified: 04 September, 2023, 12:53 pm

Related News

  • Rubio to attend ASEAN meeting in first Asia trip
  • China says it is willing to take lead in signing Southeast Asia nuclear weapon-free zone treaty
  • Malaysia backs Bangladesh's bid for ASEAN membership
  • CA Yunus seeks Dr Mahathir's help for Bangladesh's ASEAN membership
  • Brussels seeks companies' US spending plans as Trump hails move toward talks

Asean launches talks on $2.7 trillion digital economy pact to accelerate seamless trade

TBS Report
04 September, 2023, 12:35 pm
Last modified: 04 September, 2023, 12:53 pm
Asean launched negotiations on the Asean Defa, which will facilitate more seamless cross-border digital trade, in Jakarta, on Aug 3. PHOTO: REUTERS
Asean launched negotiations on the Asean Defa, which will facilitate more seamless cross-border digital trade, in Jakarta, on Aug 3. PHOTO: REUTERS

Online trade across countries in Southeast Asia is set to become faster and more convenient, as Asean starts work on a new framework that could unlock a potential $2 trillion in its digital economy by 2030.

The bloc on Sunday (3 September) launched negotiations on the Asean Digital Economy Framework Agreement (Defa), which will facilitate more seamless cross-border digital trade, reports The Straits Times.

Singapore's Ministry of Trade and Industry (MTI) said 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 Business Standard Google News Keep updated, follow The Business Standard's Google news channel

"It also aims to address top-of-mind emerging trends and developments such as artificial intelligence," added MTI.

The launch of negotiations on the Asean Defa took place at the 23rd Asean Economic Community (AEC) Council Meeting, held in Jakarta. Singapore was represented by Minister for Trade and Industry Gan Kim Yong.

The development of the widely anticipated framework agreement comes after the bloc met in Semarang in Central Java 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 $1 trillion to $2 trillion by 2030.

The Asean Defa negotiations are targeted for conclusion by 2025.

Mr Gan said that launching negotiations on the Asean Defa builds on the good work the group has done.

He added: "It will digitally join up our region and bring us closer to achieving an open, secure and competitive regional digital economy.

"Singapore looks forward to working with Asean member states to expeditiously conclude negotiations, and help our companies better leverage new growth opportunities."

Asean is Singapore's largest trading partner in goods and Singapore's largest investment destination.

In 2022, Singapore's total trade in goods with Asean amounted to $344.3 billion, an increase of about 19 per cent over the previous year. Singapore invested $23.9 billion into Asean in 2022, up 8 per cent from the previous year.

Defa has the potential to boost the region's digital ambitions and drive socio-economic progress, said Ms Annabel Lee, director for public policy in Asean at Amazon Web Services.

"It will allow Asean to continue to democratise access to cutting-edge digital technology through the cloud for all – from fast-growing start-ups to large enterprises, and leading government agencies," she added.

Similarly, director of regional public affairs and policy at technology company Grab Jamie Ko said that the diverse economies in the region can unlock greater potential with more integrated digital economic cooperation.

She added: "Interoperable digital economy systems, cross-border data flows and digital trade are all essential to building a trusted digital environment that can drive growth across South-east Asian economies."

At the meeting on Sunday, Asean also emphasised the importance of improving implementation by refreshing its economic community's processes to ensure the region has a successful and resilient future.

The bloc endorsed an agreement its ministers earlier made on sustainable energy security through interconnectivity.

MTI said: "This will diversify our energy supply chains by promoting the role of regional interconnectivity under the Asean Power Grid and the Trans-Asean Gas Pipeline."

The digital economy, as well as other issues, will be among topics that Asean leaders will be discussing at the 43rd Asean Summit and related meetings, which will be held in Jakarta from Tuesday to Thursday.

In a post on its website on Sunday, Asean said that Defa is touted to be the first major regionwide digital economy agreement in the world.

The bloc added that the first meeting of the Asean Defa's negotiating committee is scheduled to take place by the end of 2023.

This committee, chaired by Thailand and including negotiators from all 10 Asean member states, has overall responsibility for negotiating the Defa provisions.

These will be based on the principles, process and timeline identified by the grouping.

World+Biz

ASEAN / ASEAN summit / Digital economy

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Representational image
    In addition to 35% tariff, US demands 40% local value addition for 'Made in Bangladesh' goods
  • Kunming rising: China's emerging healthcare hub draws Bangladeshi patients
    Kunming rising: China's emerging healthcare hub draws Bangladeshi patients
  • Photo: Courtesy
    4 arrested, 2 remanded over brutal killing of trader near Mitford Hospital

MOST VIEWED

  • In terms of stream of education, girls maintained their excellence as well. Photo: TBS
    SSC 2025: Girls dominate boys by over 5%
  • Photo: Mohammad Minhaj Uddin/TBS
    SSC, equivalent results: Pass rate drops to 68.45%, GPA-5 also declines
  • The overall pass rate across all boards this year, 68.45%, is significantly lower than last year's. Photo: Focus Bangla
    SSC 2025: Rajshahi board records highest pass rate, Barishal lowest
  • How S Alam’s Global Islami Bank cooked Tk2,259cr loss into Tk128cr profit
    How S Alam’s Global Islami Bank cooked Tk2,259cr loss into Tk128cr profit
  • Representational image. Photo: TBS
    SSC 2025: 73.63% pass rate among technical students, 68.09% at Madrasahs
  • Economist Abul Barkat; Photo: Courtesy
    Economist Abul Barkat arrested in graft case

Related News

  • Rubio to attend ASEAN meeting in first Asia trip
  • China says it is willing to take lead in signing Southeast Asia nuclear weapon-free zone treaty
  • Malaysia backs Bangladesh's bid for ASEAN membership
  • CA Yunus seeks Dr Mahathir's help for Bangladesh's ASEAN membership
  • Brussels seeks companies' US spending plans as Trump hails move toward talks

Features

Kunming rising: China's emerging healthcare hub draws Bangladeshi patients

Kunming rising: China's emerging healthcare hub draws Bangladeshi patients

7h | Panorama
Photo: Collected/BBC

What Hitler’s tariff policy misfire can teach the modern world

1d | The Big Picture
Illustration: TBS

Behind closed doors: Why women in Bangladesh stay in abusive marriages

1d | Panorama
Purbachl’s 144-acre Sal forest is an essential part of the area’s biodiversity. Within it, 128 species of plants and 74 species of animals — many of them endangered — have been identified. Photo: Syed Zakir Hossain/TBS

A forest saved: Inside the restoration of Purbachal's last Sal grove

1d | Panorama

More Videos from TBS

Renowned economist Abul Barkat imprisoned

Renowned economist Abul Barkat imprisoned

6h | TBS Today
All of Iran's uranium still intact, Israel claims

All of Iran's uranium still intact, Israel claims

5h | TBS World
Trump-Netanyahu in new strategy on Gaza issue

Trump-Netanyahu in new strategy on Gaza issue

7h | TBS World
Shocking science: why birds stay safe on electricity lines

Shocking science: why birds stay safe on electricity lines

8h | TBS Stories
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net