The core principle of the digital economy is connectivity, finding its form in the digital links between people, organisations and countries. While the framework of legislation and operational structures surrounding the digital economy is still in a developmental stage, the harmonisation of such frameworks and how they interact is now the focus of international attention.
In this regard, ASEAN has made a major step forward in regional digital integration in the form of the ASEAN Digital Economy Framework Agreement (“DEFA“). At the 23rd ASEAN Economic Community Council Meeting, the ASEAN Economic Ministers launched the negotiations on the ASEAN DEFA. Targeted for conclusion by 2025, it is estimated that a high-quality ASEAN DEFA is projected to double the regional digital economy from US$1 trillion to US$2 trillion by 2030. In this Update, we look at the scope of the ASEAN DEFA and the opportunities it presents.
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