ASEAN, APEC Can Align Digitalisation Efforts To Boost Trade - Tengku Zafrul

From Muhammad Muzammil Abdullah

JEJU, May 15 (Bernama) -- ASEAN countries and Asia-Pacific Economic Cooperation (APEC) economies could pursue convergence in digitalisation initiatives to boost trade, investment, and transaction growth.

Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said that as ASEAN chair, Malaysia has intensified efforts to conclude negotiations on the ASEAN Digital Economy Framework Agreement (DEFA) to help drive regional economic integration and support the growth of the digital economy

"We welcome opportunities to explore convergence between APEC’s digital facilitation efforts and ASEAN’s DEFA, including mutual recognition of digital credentials and trusted trader schemes. 

"Such a modality could be mirrored within APEC," he said in his opening speech during the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) Meeting held in Jeju, South Korea, today.

Tengku Zafrul also said that APEC economies must not lose sight of the uncharted waters of artificial intelligence (AI), particularly as rapid digital innovation and AI adoption expose countries to greater risks.

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"APEC must be vigilant of ethical and regulatory issues as well as technological disruptions stemming from protectionism. 

"We must create frameworks that strengthen data governance to ensure safe cross-border data flows, enhance cybersecurity and make strides towards interoperable AI standards which promote the integration of businesses in our region," he said.

The minister said member countries must ensure the benefits of AI are distributed equitably, emphasising that affordability and access to AI-enabled trade tools for micro, small, and medium enterprises should be a regional priority

Tengku Zafrul pointed out that the convergence of artificial intelligence and supply chain transformation is not just a technological opportunity - it is a strategic imperative for building resilience, sustainability and competitiveness in the region.

"AI’s potential and benefits are limitless. I urge that discussions on AI be a mainstay in APEC and encourage officials to continue finding a viable pathway towards this," he said.

-- BERNAMA