The region’s collective GDP stands at USD 3.8 trillion, while the region ranks as the third-largest trading bloc globally, with total trade reaching USD 3.5 trillion. In 2023, ASEAN also attracted USD 229.8 billion in Foreign Direct Investment, the highest among developing economies. Sustainability and digitalisation remain central to its integration agenda, with notable advances in decarbonisation, the circular and blue economies, and the ongoing negotiations for the ASEAN Digital Economy Framework Agreement (DEFA). ASEAN is also reinforcing its position as a globally competitive region by implementing the Regional Comprehensive Economic Partnership (RCEP) and upgrading its internal and external Free Trade Agreements (FTAs), such as the ASEAN Trade in Goods
On digitalisation, DEFA negotiations are expected to conclude by 2025. This comprehensive, forwardlooking, and future-proof Agreement is intended to position ASEAN as a leader in the global digital economy while fostering innovation, enhancing connectivity, and driving inclusive growth. Accordingly, ASEAN has implemented capacity-building initiatives, such as the DEFA Exclusive Roundtable, to close gaps between AMS and ensure that DEFA’s benefits will be realised by businesses and citizens.
ASEAN also made strides on other key digital initiatives, including implementation of the Bandar Seri Begawan Roadmap, currently 61% complete and on track for full implementation by 2025. Additionally, ASEAN tackled digital challenges through working groups focused on exploring AI governance, combating online scams, and strengthening subsea cable infrastructure. Simultaneously, development and implementation of the ASEAN Digital Masterplan 2030 is expected to guide the region as ASEAN works to adopt the UNCITRAL Model Law on Electronic Transferable Records to further streamline digital trade and financial transactions.
ASEAN also stepped up efforts to create a harmonised and efficient trading environment through standards and conformance. Key agreements signed in 2024 included the ASEAN Food Safety Regulatory Framework and the Mutual Recognition Arrangement (MRA) for Building and Construction Materials.
On financial integration, ASEAN made noteworthy progress, including establishing seamless crossborder payment linkages. Recent launches of QR payment systems connecting Cambodia with Lao PDR and Viet Nam, Singapore with Indonesia and Malaysia, and Lao PDR with Thailand, have positioned ASEAN at the forefront of cross-border payment innovation.
Detail report in the link: https://asean.org/wp-content/uploads/2024/12/ASEAN-AR-2024_e-pub_web.pdf?utm_source=chatgpt.com