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ASEAN Agreement on Electronic Commerce facilitates post-COVID-19 economic recovery

According to the Secretariat of the Association of Southeast Asian Nations (ASEAN), the ASEAN Agreement on Electronic Commerce (AAEC) took effect on December 2, after Indonesia ratified the agreement.

Signed in Hanoi on January 22, 2019, the AAEC established common principles and rules to promote e-commerce in the region,aiming to develop and strengthen the capacity to implement those principles and rules.

ASEAN Agreement, Electronic Commerce, post-Covid-19, economic recovery, recovery of the region, digital business

The agreement will serve as a pathfinder for modern rules on e-commerce transactions in the region and paves the way towards an integrated digital economy in the region.

The agreement will serve as a pathfinder for modern rules on e-commerce transactions as well as pave the way towards an integrated digital economy in the region. The implementation of the agreement will contribute to the economic recovery of the region after the Covid-19 pandemic.

E-commerce has grown exponentially since the outbreak of the pandemic and has become a key driver in digital transformation.

ASEAN is on track to become an internet economy worth 1 trillion USD by 2030, fuelled by a rapidly growing digital business and consumer base, and acceleration in e-commerce and food delivery.

It is estimated that ASEAN's internet economy will reach 170 billion USD in gross merchandise value by the end of 2021 and more than 360 billion USD by 2025, far exceeding the previous forecast of 300 billion USD, according to the e-Conomy Southeast Asia 2021 report by Google, Temasek and Bain & Company.

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Source: NDO

ASEAN Agreement, Electronic Commerce, post-Covid-19, economic recovery, recovery of the region, digital business
 
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