ASEAN is betting its economic growth on the formation of a single, interconnected digital market that could be worth as much as US$2 trillion (RM8.46 trillion) by 2030.
The ASEAN Economic Community (AEC) Strategic Plan 2026 – 2030 launched on Thursday aims to capitalize on surging demand for cross – border online commerce, manufacturing driven by artificial intelligence, and digital financial services in the 10 member bloc.
The centerpiece of the plan is the ASEAN Digital Economy Framework Agreement — a first – of – its – kind regional digital pact designed to harmonize data flows, digital identity systems, cybersecurity standards, and cross – border digital interoperability.
“ASEAN’s future economic success hinges on its ability to capitalize on strengths in digital and technological transformation,” read the blueprint, forecasting that the value of the region’s digital economy will more than double from its current US$1 trillion over the next five years.
A special meeting with Thailand, the designated country coordinator, will be held in late July to ensure negotiations remain on track, Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz told reporters after the report launch.
“We want to make sure this is on track, and that requires a physical meeting,” Zafrul told reporters. “I’m still optimistic — we need to substantially conclude this.”
The AEC Strategic Plan also outlines a comprehensive five-year economic roadmap focused on transforming ASEAN into a resilient, innovative and inclusive regional economy.
The blueprint sets out nearly 200 measures aimed at bolstering intra – ASEAN trade, enhancing financial and investment linkages, and embedding climate-resilient and digital-first policies.
Key measures include the reduction of non-tariff barriers, harmonization of standards for goods and services, and improved mobility for businesses and skilled professionals — all framed to unlock new sources of regional competitiveness.
To ensure accountability and adaptability, the AEC will implement a cyclical five – year review mechanism, with built-in performance indicators to track and evaluate policy delivery.
The strategic plan underscores ASEAN’s long – term ambition to become the world’s fourth – largest economy by 2045 — a goal that the report acknowledges will require bold reforms and decisive action.
ASEAN will need to deepen economic integration and “enhance their agility to address multifaceted challenges”, the report said. “Equally important is ASEAN’s ability to pursue meaningful initiatives and programs to ensure the long – term resilience of its people, businesses, and societies,” it added.
- The Edge Markets