The Association of Southeast Asian Nations (ASEAN) Digital Economy Framework Agreement (DEFA), which is expected to be signed during the ASEAN Summit, is seen to help small and medium enterprises (SMEs) expand beyond their local markets and reach a wider customer base across the region, according to the ASEAN Foundation.
Piti Srisangnam, executive director of the ASEAN Foundation, said DEFA is expected to help SMEs tap cross-border markets by harmonizing digital economy rules and regulations across the bloc’s 11 member-states.
“When you’re dealing with the market in the digital world, you need your own legal entity, and ASEAN DEFA will do that,” Mr. Srisangnam told reporters during the TikTok Shop and ASEAN SOAR Together event on Friday.
He said the agreement would also help improve security and trust in digital transactions by allowing businesses to verify the legitimacy of their business partners, reducing the risk of scams.
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