ASEAN Digital Economy Framework Agreement (DEFA): A Cornerstone for an Open, Secure, and Interoperable Digital Economy
Washington, INTI – Indonesia's Minister of Finance, Sri Mulyani Indrawati, in a panel discussion in Washington, D.C., emphasized the importance of the ASEAN Digital Economy Framework Agreement (DEFA) in building a strong and sustainable digital economy foundation for ASEAN.
DEFA, a cooperation agreement signed by ASEAN leaders in 2023, is targeted for completion by the end of 2025. The adoption of DEFA is believed to be a significant milestone for a regional digital economy that is open, secure, interoperable, competitive, and inclusive.
"DEFA will pave the way for accelerating digital trade, data management, promoting innovation, and increasing productivity," explained Minister of Finance Sri Mulyani, as quoted from her official Instagram account @smindrawati.
The rapid growth of the digital economy in ASEAN is projected to reach $1 trillion by the end of this decade, and DEFA is believed to be able to increase this projection to $2 trillion. This will certainly bring great benefits to all ASEAN member countries.
Indonesia, as one of the founding members of ASEAN, continues to actively promote the implementation of digital economic cooperation in the region. One example is through cross-border payments using QRIS, which was initiated by Bank Indonesia. As of August 2023, QRIS has been used in Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam.
Although DEFA and QRIS show significant progress, Minister of Finance Sri Mulyani reminds us that the development of the digital economy also has risks and challenges. Online loans, for example, are one example that needs serious attention.
"Regional cooperation is important to address these various problems – from fraud, money laundering, to terrorism financing," said Minister of Finance Sri Mulyani.
Closing the panel discussion, Minister of Finance Sri Mulyani hopes that discussions like this can be a cornerstone of even stronger cooperation in the ASEAN region. "Towards greater prosperity and progress together!" she asserted.
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