(KPL/VNA) Malaysia hopes the ASEAN Digital Economy Framework Agreement (DEFA) can be finalised during its chairmanship in 2025.

Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz on July 16 said the agreement is still under negotiations but he also affirmed that DEFA aims to create a more competitive, inclusive, and profitable region while accelerating ASEAN’s transformation into a leading digital economy.

He said that based on the current trajectory, the ASEAN digital economy is expected to reach 1 trillion USD by 2030. However, with DEFA, this can easily be doubled to 2 trillion USD. He also called 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.

He said Malaysia views the chairmanship as an opportunity to align ASEAN’s direction with the national economic policies, facilitating their regional adoption, and added that Malaysia is currently crafting its Priority Economic Deliverables (PEDs) for its ASEAN chairmanship.

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.

Tengku Zafrul added that by 2030, ASEAN’s gross domestic product is forecast to reach 4.5 trillion USD, making it the world’s fourth-largest economy.

KPL