ASEAN economic ministers ink first e-commerce agreement

Economic ministers from the Association of Southeast Asian Nations (ASEAN) on Monday (Nov 12) signed an agreement to facilitate cross-border e-commerce transactions within the region. The agreement, finalised after nine rounds of negotiations which started last June, is the grouping’s first agreement on e-commerce, according to channelnewsasia.com.

Apart from aiming to facilitate cross-border e-commerce transactions, the newly signed pact will look to foster an environment of trust and confidence in the use of e-commerce, said Singapore Trade and Industry Minister Chan Chun Sing at the signing ceremony held on the sidelines of the 17th ASEAN Economic Community (AEC) Council Meeting.

It also aims to deepen cooperation among ASEAN member states so as to spur the use of e-commerce as a way of driving regional economic growth.

Mr Chan said the agreement will encourage paperless trading between businesses and governments, which can generate more rapid and efficient transactions in ASEAN.

Businesses can access and move data across borders more easily, subject to appropriate safeguards, he added.

On that, ASEAN has taken steps to promote better consumer and personal data protection through the use of online dispute resolution mechanisms to facilitate the resolution of e-commerce claims, said Mr Chan.

Sustained economic growth and a young, digitally-savvy population are among factors driving ASEAN’s Internet economy, which is expected to hit US$200 billion by 2025. Of which, e-commerce is set to grow to US$88 billion.