Deputy Minister of Industry and Trade Tran Quoc Khanh delivers a keynote speech at a webinar “New Frameworks: RCEP’s Critical Role in Driving Asia’s Digital Economy” on June 22. (Photo: VNA)This will facilitate widespread digital connection in Asia,boost trade and economic development, and accelerate digital transformation, hestated in his keynote address at a webinar “New Frameworks: RCEP’s Critical Role in Driving Asia’s Digital Economy” heldby UK-based dependent think tank Asia House and China’s Cheung Kong GraduateSchool of Business (CKGSB) on June 22.
The webinar brought together governmental representatives, seniorbusiness leaders, economists and scholars across Asia Pacific to discuss how theRCEP could play a critical role in driving the region’s digital economy.
It also analysed opportunities and challenges in trade,investment, employment and digital transformation brought about by the landmarkagreement to the region and identify potential of Asia, particularly ASEAN memberstates, in developing e-commerce and digital transformation.
Khanh highlighted RCEP as the largest free trade agreement(FTA) in the world so far and the most comprehensive that ASEAN has eversigned. It is also the first between ASEAN and external partners with astandalone chapter on e-commerce, he added.
The RCEP shows significant efforts by ASEAN and its partnersin promoting e-commerce in the region, he said.
“The trade deal provides detailed obligations in areas, suchas paperless trading, protection of online consumers, protection of onlinepersonal information and electronic signatures, and other elements that help promotee-commerce in the region,” he noted.
The Vietnamese official held that the growth of e-commerce –one of the components of a digital economy – in RCEP economies has beenelevated by the widespread outbreak of COVID-19. “Total e-commerce revenue ofthe whole ASEAN in 2021 increased by 62 percent as compared to the year of 2020.”
Revenue from e-commerce in five ASEAN member states who aresignatories to RCEP surged 15 percent, he said.
He recommended to maintain the current practice of notimposing customs duties on electronic transactions between countries andreducing barriers to paperless transactions while ensuring national securityand legitimate public policy objectives.
Additionally, it is crucial to establish mechanism toaddress issues related to the development among countries through consultationand dialogue, he emphasised.
Bringing together 15 signatories across Asia Pacific, RCEPincludes enhanced provisions in areas such as cross-border data flows, onlineconsumer protection, and several aspects of digital trade. It has the potentialto consolidate and deepen the digital trade environment for businesses and SMEsthroughout Asia./.
VNA
