ASEAN is intensifying its economic integration to improve cross-border trade and investment flows, including by unlocking a potential US$2 trillion in its digital economy by 2030.A regionwide digital economy pact was on the agenda of the 55th ASEAN Economic Ministers’ (AEM) meeting held in Semarang, Indonesia, on last Saturday and Sunday.The AEM meeting endorsed a study on the ASEAN Digital Economy Framework Agreement (DEFA), paving the way for the 10 member countries to start negotiations on the pact, according to a joint ASEAN media statement.The DEFA negotiations are expected to be officially launched at the 23rd ASEAN Economic Community (AEC) council meeting and to be officially acknowledged by ASEAN leaders at the 43rd ASEAN Summit in Jakarta in September, it said.Boston Consulting Group has projected that ASEAN’S digital economy will triple by the end of the decade through the natural adoption of digital technologies, growing to almost $1 trillion by 2030 from $300 billion now. Progressive rules in DEFA would double this contribution to $2 trillion, said a separate ASEAN statement.The DEFA negotiations are expected to be officially launched at the 23rd ASEAN Economic Community (AEC) council meeting and to be officially acknowledged by ASEAN leaders at the 43rd ASEAN Summit in Jakarta in September, it said.Boston Consulting Group has projected that ASEAN’S digital economy will triple by the end of the decade through the natural adoption of digital technologies, growing to almost $1 trillion by 2030 from $300 billion now. Progressive rules in DEFA would double this contribution to $2 trillion, said a separate ASEAN statement.The gathering also saw the completion of the ASEAN Services Facilitation Framework, which aims to foster a more transparent and predictable business environment for companies to engage in cross-border trade in services in the region, said MTI.Several mutual recognition arrangements were signed for particular areas such as building and construction materials and food safety regulations. (ICE HO CHI MINH CITY)

Fonte notizia: Vietnam News