Taguig city: Senior officials of the Association of Southeast Asian Nations (ASEAN) aim to endorse after their meetings this week all the priority economic deliverables under the Digital Economy Framework Agreement (DEFA).

According to Philippines News Agency, Marie Sherylyn Aquia, Director of the Department of Trade and Industry-Bureau of International Trade Relations (BITR), stated that DEFA negotiations are focused on addressing any legal issues to ensure the agreement's readiness for signing. "They (the experts) will review agreed provisions to ensure clarity, consistency, and readiness of the text before it is signed in November at the sidelines of the ASEAN Summit," Aquia mentioned during a briefing at the International Media Center in Taguig City.

Aquia expressed hope that the text would be finalized and legally scrubbed by the end of the first half of the year. She emphasized that once this is achieved, the agreement will undergo domestic processes within the different ASEAN countries. While she refrained from providing specific details, she noted that the Bangko Sentral ng Pilipinas (BSP) is spearheading this year's discussions, in line with the Philippines' chairship of the ASEAN Summit.

Highlighting the need for economic integration in the region, Aquia pointed to global developments, such as the ongoing conflict in the Middle East, as reasons for ASEAN to work collaboratively. She explained that ASEAN's strength lies in maintaining open markets, enhancing trade partnerships, diversifying economic links, and reinforcing the resilience of regional supply chains. Furthermore, she stressed the importance of seizing new growth opportunities.

Aquia also emphasized the significance of the digital economy, citing estimates that suggest the region's digital economy could reach up to USD2 trillion by 2030. She stated that ensuring the region's ability to fully leverage this opportunity and preventing their populations from being left behind in the digital era is a shared priority for ASEAN.