SINGAPORE: ASEAN member states are set to sign a landmark regional digital economy agreement at the 47th ASEAN Summit in November after concluding negotiations on the pact this week.

The Ministry of Trade and Industry (MTI) said on Sunday (May 31) that Singapore welcomes the successful conclusion of negotiations on the ASEAN Digital Economy Framework Agreement (DEFA) at the Second Meeting of the 57th ASEAN Senior Economic Officials Meeting in Manila from May 27 to May 29.

It will be ASEAN’s first comprehensive, region-wide agreement dedicated to the digital economy, aimed at strengthening digital connectivity and integration among ASEAN Member States.

“The ASEAN DEFA addresses the modern complexities of the digital age through streamlined, robust, and shared digital rules,” said MTI. 

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“Building on ASEAN’s existing digital economy commitments, the ASEAN DEFA establishes common rules and frameworks that facilitate digital trade, simplifies digital trade procedures, supports trusted cross-border data flows, enhances digital payments and electronic transactions, strengthens online consumer protection, and promotes greater digital interoperability across the region.”

According to MTI, the agreement will make it easier for businesses, especially small and medium enterprises, to tap opportunities in Southeast Asia’s expanding digital economy while enabling consumers to transact with greater confidence. 

It also covers emerging areas such as artificial intelligence, financial technology and source code protection. 

The ministry said that the agreement will support quality jobs and equip Singapore and ASEAN for the next phase of economic development as businesses increasingly adopt digital technologies and expand across borders.

“Singapore played an active role in delivering a high-quality and commercially meaningful agreement,” said MTI. 

“We thank Thailand as chair of the DEFA negotiating committee for its leadership, and all member states, the ASEAN Secretariat, and business stakeholders for their contributions.”

The agreement is expected to be signed at the 47th ASEAN Summit in November.