MANILA, Philippines — Economic leaders of the Association of Southeast Asian Nations (Asean) on Saturday signed the Asean Digital Economic Framework Agreement (DEFA), the first such agreement in the world.
DEFA is intended to improve governance in areas such as digital trade and payments, among others.
The agreement is expected to help harmonize digital trade rules in the region and harness the potential of the Asean digital economy, which is expected to grow to $2 billion by 2023.
Negotiations for the DEFA began in September 2023 and was concluded in May this year.
