The newly signed pact, finalised after nine rounds of negotiations, is the grouping’s first agreement on ecommerce.
The pact, apart from aiming to facilitate cross-border ecommerce transactions, will look to foster an environment of trust in the use of ecommerce. It also aims to deepen cooperation amongst ASEAN member states so as to spur the use of ecommerce as a way of driving regional economic growth.
Moreover, Southeast Asia has seen the rise of ASEAN-based unicorns, like Singapore-based Lazada and Indonesia-based Tokopedia, that now have a sizeable presence in the region’s ecommerce market.
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