MALAYSIA HOPES DEFA CAN BE FINALISED DURING ITS ASEAN CHAIRMANSHIP

KUALA LUMPUR, July 16 (Bernama) -- Malaysia hopes that the ASEAN Digital Economy Framework Agreement (DEFA) can be finalised during its chairmanship next year. 

Investment, Trade and Industry Minister Tengku Datuk Seri 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 (AMYC 2024) today. 

He said that based on the current trajectory, the ASEAN digital economy is expected to reach US$1 trillion by 2030. 

"With DEFA, this can easily be doubled to US$2 trillion," he said, calling on youths 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 MITI is spearheading works related to the ASEAN Economic Pillar, guided by overarching objectives of the ASEAN Economic Community (AEC) Council.

“Malaysia views the chairmanship role 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 (or PEDs) for its ASEAN chairmanship. 

The PEDs are expected to benefit people and businesses, particularly the small and medium enterprises (SMEs) and the manufacturing sector.

MITI is also actively involved in formulating the ASEAN Community Vision (ACV) 2045 to map out ASEAN’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