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The agreement, finalized after nine rounds of negotiations which started last June, is the grouping's first agreement on e-commerce. It was signed on the sidelines of the 17th ASEAN Economic Community (AEC) Council Meeting in Singapore.

Trade ministers of ASEAN member countries pose for a photograph after signing an agreement on e-commerce in Singapore on November 12.

Apart from facilitating cross-border e-commerce transactions, the pact will also look to foster an environment of trust and confidence in the use of e-commerce as well as enhance collaboration in promoting the regional economic growth.

Speaking that the signing ceremony, Singapore Trade and Industry Minister Chan Chun Sing said that ASEAN is now the fastest growing market in the world, with 330 million Internet users. By 2025, ASEAN’s Internet economy is forecast to increase four-fold, reaching 200 billion USD compared to 2017, with e-commerce set to grow to 88 billion USD.

“The agreement is the testament to ASEAN’s commitment to creating a conducive environment for the growth of e-commerce through advancing trade rules in e-commerce and building up greater digital connectivity within the region,” he said.

It will encourage paperless trading between businesses and governments, which can generate more rapid and efficient transactions in ASEAN.

Businesses can access and move data across borders more easily, subject to appropriate safeguards, he added.

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Source: VNA