First ASEAN e-commerce deal for rapid transactions inked

SINGAPORE – Trade ministers of the Association of Southeast Asian Nations (ASEAN) member states signed an agreement on e-commerce on Monday, encouraging paperless trading between businesses and governments of the bloc to generate rapid and efficient transactions.
The deal aims at facilitating cross-border e-commerce transactions, creating an environment of trust and confidence in the use of e-commerce and deepening cooperation to drive regional economic growth.The ASEAN Agreement on E-Commerce, the bloc's first deal to facilitate cross-border e-commerce transactions, was reached after nine rounds of negotiations among the 10 member states and signed during the 33rd ASEAN Summit and related meetings.
Singaporean Minister for Trade and Industry Chan Chun Sing said at the signing ceremony that ASEAN is the world's fastest growing market, with 330 million internet users. By 2025, ASEAN's internet economy is set to quadruple to US$200 billion from US$50 billion in 2017, with e-commerce expected to grow to US$88 billion.
The agreement is testament to ASEAN's commitment to creating a conducive environment for the growth of e-commerce through advancing trade rules in e-commerce and building up greater digital connectivity within the region, the minister said.
With the agreement, businesses can access and move data across borders more easily, subject to appropriate security safeguards, the minister said.

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