ASEAN DIGITAL ECONOMY FRAMEWORK EXPECTED TO CONCLUDE AT ASEAN SUMMIT 2025

KUALA LUMPUR, July 25 (Bernama) -- The forward-looking ASEAN Digital Economy Framework (DEFA), currently under negotiation, is likely to be completed during the ASEAN Summit next year, said Minister of Investment, Trade and Industry, Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

He said that intra-trade within ASEAN currently stands at 20 per cent, and DEFA is expected to boost intra-trade between member states, particularly for small and medium enterprises (SMEs).

“One way to increase ASEAN’s intra-trade is through increasing digital e-commerce and this would help SMEs, especially when we trade more between the ASEAN members,” he told reporters on the sidelines of the Eighth Selangor ASEAN Business Conference (SABC) 2024 today.

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He noted that the negotiations for DEFA, which would foster inclusive growth and development, have started in Indonesia and have been progressing since then.

Touching on data centres, Tengku Zafrul said that he planned to announce the energy and water efficiency standards for data centres by September.

“In September, we will announce the standard electricity and water efficiency for all data centres which will operate in Malaysia,” he added.

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Earlier in his opening speech, Tengku Zafrul said that digital transformation is also central to the reindustrialisation efforts and this has pushed Malaysia to invest in automation, artificial intelligence, and the Internet of Things to boost industrial capabilities nationwide, including in Selangor.

“ASEAN’s digital transformation will also depend on a vibrant semiconductor supply chain and Malaysia’s National Semiconductor Strategy will allow us to greatly leverage Malaysia’s existing strengths to position the country, including Selangor, as the region’s semiconductor hub,” he added.

Meanwhile, the Selangor International Business Summit (SIBS) 2024 has officially kicked off today, marking the start of its first series with the SABC 2024 and the Selangor Investment and Industrial Park Expo 2024, held at the Kuala Lumpur Convention Centre from July 25-27.

The 8th SABC 2024, themed "Selangor, the Key of ASEAN: Accelerating Prosperity through Strategic Connectivity and Resilience," brings together prominent speakers, business leaders, trade associations, and public sector trade policy developers.

The conference will focus on sharing insights and addressing key challenges faced by ASEAN countries, such as market access, regional economic integration, and entrepreneurship.

This year's SABC 2024 spans over two days and features a total of 20 distinguished speakers from 10 countries, including Singapore, Indonesia, the Philippines, Vietnam, Laos, Cambodia, the European Union, Brunei, Timor-Leste, and Malaysia. 

-- BERNAMA