ASEAN economic ministers ink first agreement on ecommerce

Tuesday 13 November 2018 00:25 CET | News

Economic ministers from the Association of Southeast Asian Nations (ASEAN) have signed an agreement to facilitate cross-border ecommerce transactions within the region.

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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Keywords: ASEAN, Association of Southeast Asian Nations, agreement, cross-border ecommerce, ecommerce
Countries: World