ASEAN expected to finalize world's first region-wide digital economy framework agreement in 2025

DEFA is a new strategic roadmap for the region to address the complexities and opportunities of ASEAN's digital economy which is set to double to US$2 trillion by 2030, DEFA will be an engine for dynamic growth.

ASEAN is also exploring engagement with new trading blocs to discuss possible cooperation, among them the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP), said Malaysian Minister of Economy, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz.

This move aims to reinforce a diversified and robust network of trade relations for ASEAN, said the Malaysian minister.

"We are also exploring meaningful engagement with new trading blocs, one of them being a dialogue between Asean and the member countries of the CPTPP, to discuss areas of mutual interest," said Tengku Zafrul.

"We will work with all partners - old and new, East and West - to secure diverse markets for our goods and services, and also reinforce our standing as a cornerstone of global trade," he said during his opening remarks at the 57th Asean Economic Ministers (AEM) Meeting on Tuesday (Sept 23).

The CPTPP is a free trade agreement (FTA) signed in 2018 by 11 Pacific Rim countries. The agreement removes tariffs among its member states which includes Peru, Singapore, Japan, Chile, New Zealand, Viet Nam and the United Kingdom.

At the same time, ASEAN is strengthening economic ties with existing Dialogue Partners through the upgrading of several Asean Plus 1 free trade agreements, said Tengku Zafrul.

Tengku Zafrul said ASEAN's prosperity has always been tied to the wider world and its economic success is built on connectivity with global partners.

He said ASEAN will continue building bridges with its key trading partners by remaining committed to a rules-based multilateral trading system with the World Trade Organisation (WTO) at its core./.