BANGKOK — Thailand has announced a major success in its role as Chair of the ASEAN Digital Economy Framework Agreement (DEFA) Negotiating Committee, paving the way for the agreement's signing later this year and positioning the region as a global digital economy hub with a projected digital economy value of up to US$2 trillion by 2030.

Thai Deputy Prime Minister and Commerce Minister Suphajee Suthumpun said negotiations on the DEFA were concluded at the 57th ASEAN Senior Economic Officials’ Meeting (SEOM), second session, held in Manila, the Philippines, from May 27 to 29.

Thailand, as Chair of the DEFA Negotiating Committee (DEFA NC), played a leading role in advancing the negotiations and coordinating the positions of ASEAN member states until the agreement was successfully concluded.

She said this marked an important step in laying the foundation for the region’s digital economy. The next stage will involve legal scrubbing to prepare the agreement for official signing at the ASEAN Summit in November.

Thailand worked closely with all ASEAN member states after being entrusted with chairing the DEFA NC, helping advance negotiations and build consensus, she stated.

The official added that the success of the talks, which covered complex issues related to the future digital economy, not only reflected Thailand’s leading role on the international economic stage but also demonstrated ASEAN’s ability to jointly establish high-standard regional digital economy rules.

DEFA is the world’s first region-wide digital economy agreement. Formal negotiations began in 2023 and were successfully concluded in 2026.

Studies indicate that DEFA could help raise ASEAN’s digital economy value to $2 trillion by 2030 while transforming the region into a connected, comprehensive and sustainable digital economy hub on the global stage. — VNA/VNS