Indonesia and Singapore Target 50% Completion of ASEAN Digital Economy Agreement by 2024
Singapore. Chief Economic Affairs Minister Airlangga Hartarto met with Singapore's Deputy Prime Minister and Trade and Industry Minister, Gan Kim Yong, during the 24th ASEAN Economic Community (AEC) Council Meeting in Vientiane, Laos, on Monday. The two leaders discussed and agreed on initiatives to expedite bilateral and regional cooperation in the digital economy.
The AEC Council Meeting is part of the 44th and 45th ASEAN Summits and related gatherings.
"We need to ensure that ASEAN can complete negotiations according to our targets," Airlangga said, highlighting strategic topics discussed with Gan Kim Yong, such as the ASEAN Digital Economy Framework Agreement (DEFA) negotiations, the Tech Pilot program, and Indonesia's interest in joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Both nations aim to achieve 50 percent completion of the ASEAN DEFA negotiations by 2024, with substantial completion targeted for 2025. Launched during Indonesia's ASEAN Chairmanship in 2023, the DEFA is projected to become the world's first comprehensive regional digital economy agreement, potentially increasing ASEAN's digital economy value to $2 trillion by 2030.
In discussing the Tech Pilot program, Airlangga and Gan Kim Yong reviewed the cooperation launched at the Singapore-Indonesia Leaders’ Retreat on April 29, which facilitates the movement of professionals in the technology sector between the two countries. "We encourage this initiative to be widely utilized by opening opportunities through various companies and universities," Airlangga added.
Additionally, Singapore welcomed Indonesia's desire to join the CPTPP, supporting the inclusion of more ASEAN nations in the trade agreement. "CPTPP will complement RCEP for ASEAN in navigating the region's geo-economics," Airlangga noted.
The two leaders also exchanged views on strategic issues impacting the region, including the Middle East conflict, the upcoming US presidential election, and developments in renewable energy and green technology.
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