Kuala lumpur: Malaysia will continue its whole-of-ASEAN approach towards finalising the Digital Economy Framework Agreement (DEFA) next year, as stated by Digital Minister Gobind Singh Deo. He mentioned that ASEAN member states have reached a 'substantial conclusion' on the DEFA during the recently held 26th ASEAN Economic Community Council (AECC) Meeting in Kuala Lumpur.

According to BERNAMA News Agency, the government, through the Ministry of Investment, Trade and Industry (MITI), aims to conclude negotiations for this agreement next year. DEFA is seen as crucial for ASEAN as it focuses on expanding the regional economy. It is designed to ease cross-border transactions among ASEAN member states, thereby providing greater access to the ASEAN market, which has a population of over 700 million.

Gobind Singh Deo emphasized that the agreement would enable faster cross-border negotiations, ensuring that ASEAN's economic potential can be realized through a broader market. On October 24, MITI Minister Tengku Datuk Seri Zafrul Abdul Aziz expressed confidence that ASEAN could complete the necessary deliverables to finalise DEFA on schedule in 2026, thereby strengthening the region's role in shaping the global digital economy.

The DEFA is expected to significantly contribute to ASEAN's digital economy growth, driving it to US$1 trillion (RM4.23 trillion) by the year 2030.