What are ASEAN’s economic managers set to discuss during their meetings?

MANILA, Philippines – Enhancing the region’s digital economy and cross-border digital payments are among the topics that will be discussed during the Association of Southeast Asian Nations (ASEAN) economic ministers’ retreat and related meetings.

Lyn Aquia, director of the Department of Trade and Industry-Bureau of International Trade Relations, underscored the importance of the ASEAN Digital Economy Framework Agreement (DEFA), said to be the world’s first regional comprehensive digital agreement.

Talks remain confidential for now, but Aquia said the agreement aims to cover the harmonization of digital trade rules and establish policies for matters such as e-commerce and cybersecurity. The deal comes as ASEAN’s digital economy is estimated to be worth around $2 trillion by 2030.

“These rules will help support businesses, particularly micro, small, and medium enterprises through improved cooperation in areas such as digital payments and electronic documentation,” Aquia said.

ASEAN members are set to sign the DEFA by November. Aquia said in a media interview on Tuesday, March 10, that they hope to finalize the text of the deal by the first half of the year and have it go through the domestic process of the ASEAN member states.

Other priority economic deliverables for the region’s economic chiefs include the establishment of the ASEAn Center of Excellence for micro, small and medium enterprises, as well as developing a regional roadmap for semiconductors and critical minerals.

The senior economic officials from the 11 ASEAN countries are set to discuss their priority deliverables during the economic ministers’ retreat on Friday, March 13. Other key meetings this week include the legal experts meeting for the DEFA. – Rappler.com