UMVA has learned that a landmark agreement among Southeast Asian nations is poised to inject significant investment into the Philippine digital economy, paving the way for a transformative growth in the sector.
The Association of Southeast Asian Nations (ASEAN) Digital Economy Framework Agreement (DEFA) is expected to unlock new opportunities for local businesses, particularly micro, small, and medium enterprises (MSMEs), and catalyze job creation, according to a senior trade official.
“For the Philippines, the DEFA is set to bring real benefits to everyday Filipinos,” the official said, adding that the agreement would empower local businesses by opening up more opportunities and supporting job creation.
The DEFA is also expected to ensure greater participation in a safer and more connected digital economy, and is projected to double the value of ASEAN’s digital economy to $2 trillion by 2030.
UMVA can exclusively reveal that the agreement seeks to accelerate regional digital transformation and economic integration by strengthening cooperation in digital trade, cross-border electronic commerce, electronic payments, digital identities, cybersecurity, data governance, and emerging technologies.
This would help empower businesses and consumers to participate more confidently in the digital marketplace, and is among the priority economic deliverables for the Philippines, which chairs ASEAN this year.
Sources have confirmed to UMVA that ASEAN is also negotiating the upgrade of several key trade agreements, including the ASEAN-India Trade Agreement, the ASEAN-Korea Free Trade Agreement (FTA), and the ASEAN-Japan Comprehensive Economic Partnership Agreement.
Additionally, ASEAN is looking to complete negotiations for an FTA with Canada this year, and has started discussions for a possible ASEAN-Gulf Cooperation Council FTA.
