Australia to work with ASEAN on digital trade

The government has announced plans to collaborate more closely with the 10 ASEAN nations on digital trade and economic growth in the region.

The ASEAN-Australia Digital Trade Standards Initiative will involve the cooperative development, adoption and use of international digital trade standards, aimed at reducing the cost of businesses when exporting and importing digital products and services.

In a joint statement, Minister for Jobs and Innovation Michaelia Cash and Minister for Trade, Tourism and Investment Steven Ciobo said the ASEAN region represents a significant growth opportunity for Australian businesses.

The ASEAN e-commerce market is expected to grow by more than 5.4% per year for at least the next decade.

The new initiative was announced at the ASEAN Summit on the weekend. Also at the summit, the CSIRO’s Data61 published a new report identifying the seven emerging industries within both ASEAN and Australia that are expected to generate jobs and growth.

These include AI, financial and regulatory services technology, digital infrastructure and connectivity as well as cyber-physical systems security.

The remaining growth industries are high-value nutrition, next-generation energy storage and distribution, and personal health.

“Many of the emerging industries identified in the Sunrise Industries report are areas in which Australia already has expertise and a competitive advantage,” Cash said.

“To increase our innovation capacity we are taking a global outlook. In particular, the forecast high growth in the ASEAN region economy provides a great opportunity for Australia to pursue collaborative research and development with our closest neighbours.”

Australian trade with ASEAN member countries already amounts to over $100 billion.

The 10 ASEAN member nations are Indonesia, Thailand, Vietnam, Singapore, Malaysia, Philippines, Cambodia, Myanmar, Laos and Brunei.

Image courtesy ASEAN.

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