As this year’s Asean chair, Malaysia will continue strategic efforts to ensure Asean member states are ready to finalise the Digital Economy Framework Agreement (DEFA).
During the Dewan Rakyat’s question-and-answer session on Wednesday (Feb 5), Deputy Investment, Trade, and Industry (MITI) Minister Liew Chin Tong highlighted the importance of these efforts in keeping ASEAN, including Malaysia, globally competitive while ensuring sustainable economic and socioeconomic benefits.
Liew also stressed that DEFA aligns with Malaysia’s national agenda to position the country as a regional leader in the digital economy.
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During the Dewan Rakyat’s question-and-answer session on Wednesday (Feb 5), Deputy Investment, Trade, and Industry (MITI) Minister Liew Chin Tong highlighted the importance of these efforts in keeping ASEAN, including Malaysia, globally competitive while ensuring sustainable economic and socioeconomic benefits.
Liew also stressed that DEFA aligns with Malaysia’s national agenda to position the country as a regional leader in the digital economy.
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NewsTranscript
00:00The ASEAN Digital Economy Framework Agreement is an ASEAN strategic initiative to make the most of the power of digitalization to make global trade more efficient and safe.
00:16DEFA will be the first ASEAN Digital Economy Framework Agreement.
00:22ASEAN member states will implement basic steps and interoperable digitalization regulations.
00:35This is to make ASEAN competitive and conducive to higher digital economy.
00:45To ensure the completion of DEFA and the prospects of ASEAN member states' economic development,
00:55strategic plans will be implemented, especially when Malaysia becomes the host of ASEAN this year.
01:05Before the DEFA Agreement was approved, ASEAN has conducted research to understand the digital economy in its member states
01:15and ASEAN as a whole, as well as assess the potential value brought by DEFA.
01:23This research examines the basic differences in the digitalization of trade between member states,
01:30re-examines ASEAN's efforts in digital integration,
01:36and recognizes the best practice of international trade agreements as a guide, as outlined by the WTO.
01:54Under ASEAN 2025, DEFA is one of the main economic achievements of the PED
02:12to conclude its meeting at the end of this year.
02:16As the host of ASEAN, Malaysia plays a role in moving the main agenda of regional economic integration
02:23under the leadership of the ASEAN Community 2025,
02:27which emphasizes the commitment to joint and close development.
02:34In this direction, Malaysia emphasizes two main approaches to streamline the process of DEFA meeting.
02:41The first approach is to improve the development of ASEAN member states.
02:48The second approach is to intensify the implementation of DEFA in a leveled and balanced manner.
02:55DEFA is in line with the country's agenda to make Malaysia a digitalized country
03:05and a pioneer in the digital economy.
03:09The government will continue its strategic efforts to ensure the readiness of ASEAN member states
03:18in concluding DEFA so that the region and Malaysia can remain competitive globally
03:24for the benefit of a sustainable economy and social economy.
03:33Thank you, Minister.
03:35My additional question is, given the different levels of technology availability in ASEAN countries,
03:43is there a chance for the government to introduce the basics or incentives in DEFA
03:48to accelerate the use of blockchain in Malaysia,
03:52especially in improving the smoothness of cross-border financial flows
03:56and also reducing the risk of digital fraud and so on,
04:00which can affect the competitiveness of international trade.