ASEAN digital economy deal to boost payments, trade and business opportunities: DPM Gan
MANILA —The ASEAN Digital Economy Framework Agreement (DEFA) is expected to make trade faster and more efficient while helping businesses expand across the region, Deputy Prime Minister Gan Kim Yong said on Saturday (Nov 14).Speaking on the sidelines of the 28th ASEAN Economic Community Council Meeting in Manila, DPM Gan said the agreement would provide a framework for ASEAN countries to develop interoperable digital systems and advance their digital economies.Initiatives under the agreement include digital payment systems, digital identity for businesses and electronic trade documentation. These are expected to reduce paperwork, speed up transactions and improve connectivity among ASEAN member states.As ASEAN's first standalone, legally binding agreement on the digital economy, the agreement marks a major milestone in the region's digital integration, establishing common rules and frameworks to make digital business transactions easier, safer and more seamless across the region.