In a significant move to bolster regional digital economic initiatives, Indonesia and Singapore have agreed to fast-track their digital economy collaboration. This agreement was reached during the 24th ASEAN Economic Community (AEC) Council Meeting held in Vientiane, Laos.
Represented by Coordinating Minister for Economic Affairs Airlangga Hartarto and Singapore’s Deputy Prime Minister and Minister for Trade and Investment Gan Kim Yong, the two countries discussed enhancing bilateral and regional cooperation in the digital economy sector.
The discussions included the ongoing negotiations on the ASEAN Digital Economy Framework Agreement (DEFA), which was launched during Indonesia’s ASEAN chairmanship last year. The negotiations aim to complete 50% by 2024 and reach a substantial conclusion by 2025.
Pilot program, initiated at the Singapore-Indonesia Leaders’ Retreat in April 2024. This program facilitates the mobility of technology sector professionals between the two nations, enhancing cooperative opportunities through corporations and universities.
Indonesia expressed its desire to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CP TPP), with Singapore supporting the inclusion of more ASEAN members into this significant regional trade agreement.
The ASEAN DEFA is projected to be the world’s first comprehensive regional digital economy agreement, potentially raising the ASEAN digital economy’s value to $2 trillion by 2030.
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The ministers exchanged views on various strategic issues, including the Middle East conflicts, the U.S. presidential elections, and the development of renewable energy and green technology in the region, discussing their implications for ASEAN.
The enhanced cooperation between Indonesia and Singapore in the digital economy is set to create significant advancements and opportunities within ASEAN, aligning with broader regional economic strategies and supporting sustainable growth.
The recent meeting between Indonesia and Singapore has solidified their commitment to accelerating digital economic cooperation, setting a precedent for ASEAN’s strategic economic engagements and supporting regional technological and economic advancements.
Sources: Antara News, Jawa Pos (2024)
