ASEAN countries sign first agreement on e-commerce
Economic ministers from the Association of Southeast Asian Nations (ASEAN) on November 12 signed an agreement to facilitate cross-border e-commerce transactions within the region.
Trade ministers of ASEAN member countries pose for a photograph after signing an agreement on e-commerce in Singapore on November 12. (Photo: Courtesy of the Singaporean Trade and Industry Ministry)
Singapore (VNA) - Economic ministers from the Association ofSoutheast Asian Nations (ASEAN) on November 12 signed an agreement tofacilitate cross-border e-commerce transactions within the region.
The agreement, finalised after nine rounds of negotiations which started lastJune, is the grouping's first agreement on e-commerce. It was signed on thesidelines of the 17th ASEAN Economic Community (AEC) Council Meeting inSingapore.
Apart from facilitating cross-border e-commerce transactions, the pact willalso look to foster an environment of trust and confidence in the use ofe-commerce as well as enhance collaboration in promoting the regional economicgrowth.
Speaking that the signing ceremony, Singapore Trade and Industry MinisterChan Chun Sing said that ASEAN is now the fastest growing market in the world,with 330 million Internet users. By 2025, ASEAN’s Internet economy is forecastto increase four fold, reaching 200 billion USD compared to 2017, with e-commerceset to grow to 88 billion USD.
“Theagreement is testament to ASEAN’s commitment to create a conducive environmentfor the growth of e-commerce through advancing trade rules in e-commerce andbuilding up greater digital connectivity within the region,” he said.
It will encourage paperless trading between businesses and governments, whichcan generate more rapid and efficient transactions in ASEAN.
Businesses can access and move data across borders more easily, 🍸subject toappropriate safeguards, he added.-VNA
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Trade ministers of ASEAN member countries pose for a photograph after signing an agreement on e-commerce in Singapore on November 12. (Photo: Courtesy of the Singaporean Trade and Industry Ministry) 
