KUALA LUMPUR, July 16 — Malaysia hopes the Asean Digital Economy Framework Agreement (Defa) can be finalised during its chairmanship next year.
Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz said the agreement is still under negotiations.
“Defa aims to create a more competitive, inclusive and profitable region while accelerating Asean’s transformation into a leading digital economy,” he said at the Asean Manufacturing Youth Conference 2024 today.
He said that based on the current trajectory, the Asean digital economy is expected to reach US$1 trillion (RM4.67 trillion) by 2030.
“With Defa, this can easily be doubled to US$2 trillion,” he said, calling on youth to leverage Defa to foster greater digital cooperation.
Tengku Zafrul noted that the move will pave the way for regional digital integration and inclusive growth and development.
To support Malaysia’s chairmanship next year, the minister said his ministry is spearheading efforts related to the Asean Economic Pillar, guided by overarching objectives of the Asean Economic Community Council.
“Malaysia views the chairmanship as an opportunity to align Asean’s direction with the national economic policies, facilitating their regional adoption,” he said, adding that Malaysia is currently crafting its Priority Economic Deliverables (PEDs) for its Asean chairmanship.
The PEDs are expected to benefit people and businesses, particularly the small and medium enterprises and manufacturing sectors.
The ministry is also involved in formulating the Asean Community Vision 2045 to map out the bloc’s development trajectory over the next two decades.
“Asean leaders will unveil the document during the Asean Summit in Malaysia next year,” he said.
Tengku Zafrul added that by 2030, Asean’s gross domestic product is forecast to reach US$4.5 trillion, making it the world’s fourth-largest economy.
— Bernama
