Southeast Asian nations are seeking to make it easier for businesses and consumers to operate across borders in the digital economy, but achieving the goal will depend on whether governments can align their domestic laws under a proposed pact, according to analysts.
Targeted to be signed during the Association of Southeast Asian Nations summit in Manila in November, the Asean Digital Economy Framework Agreement (DEFA) is aimed at improving compatibility between rules and systems governing digital payments, data flows and online commerce across the region. However, its draft text is yet to be published.
In an interview earlier this month, Philippine President and current Asean chairman Ferdinand Marcos Jnr said he hoped Singapore, which will chair the 11-member bloc next year, would help advance the agreement then.
In June, Asean announced that its officials had resolved all outstanding issues arising from a meeting in Manila in May, adding that DEFA was expected to play a transformative role in unlocking the full potential of the region’s digital economy.