Indonesia, Singapore target 50% completion of ASEAN Digital Economy Agreement this year

Indonesia’s Coordinating Minister for Economic Affairs Airlangga Hartarto on Tuesday met with Singaporean Deputy Prime Minister cum Minister of Trade and Industry Gan Kim Yong on the sidelines of the 24th ASEAN Economic Community (AEC) Council Meeting in Vientiane, Laos.

The AEC Council Meeting was held as part of the 44th and 45th ASEAN Summits and related meetings.

The two officials discussed and agreed on initiatives to expedite bilateral and regional cooperation in the digital economy.

Airlangga said strategic topics were discussed with Gan, such as the ASEAN Digital Economy Framework Agreement (DEFA) negotiations, the Tech Pilot programme, and Indonesia's interest in joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Both nations aim to achieve 50% completion of the ASEAN DEFA negotiations this year, 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.

Discussing the Tech Pilot programme, the two officials 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.

Airlangga said that they encourage this initiative to be widely utilised by opening opportunities through various companies and universities.

Singapore also welcomed Indonesia's desire to join the CPTPP, supporting the inclusion of more ASEAN nations in the trade agreement, he said, adding that CPTPP will complement RCEP for ASEAN in navigating the region's geo-economics.