Singapore is playing a key role in supporting South-East Asia’s poorer economies, like Myanmar and Laos, to better integrate into regional trade, particularly in the digital sphere.
By leading negotiations in two key digital trade agreements, Singapore aims to foster a more inclusive region, potentially expanding markets and increasing demand for its goods and services
José-Antonio Monteiro, coordinator of the WTO’s 2024 World Trade Report, highlighted how regional prosperity drives demand for high-quality products, benefiting Singapore.
The ASEAN region is working on the world’s first Digital Economy Framework Agreement (Defa), aimed at establishing a unified digital economy with harmonized rules. Expected to conclude by 2025, the agreement could enhance cross-border digital commerce and investments in digital infrastructure, benefiting micro, small, and medium enterprises (MSMEs).
The WTO also stressed that improving digital avenues could empower businesses, particularly women-led enterprises, and reduce economic risks through sustained growth. Singapore’s leadership could drive the region's digital transformation and economic convergence.
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