ASEAN economic ministers on Saturday signed the ASEAN Digital Economy Framework Agreement (DEFA), marking the world's first region-wide agreement dedicated to advancing the digital economy.

Among the signatories were Philippine Trade and Industry Secretary Ma. Cristina Roque, who chairs the ASEAN Economic Community Council, and Indonesia’s Coordinating Minister for Economic Affairs Airlangga Hartarto.

The landmark agreement aims to make cross-border online transactions, selling, purchasing, and digital payments across ASEAN member states simpler, safer, and more efficient.

Micro, small, and medium enterprises (MSMEs), freelancers, and consumers are expected to benefit from improved digital trade and financial services across the region.

The agreement will be formally presented to ASEAN leaders on Sunday, November 15, for their consideration.