SINGAPORE, September 21, 2021 / PRNewswire / – As the ASEAN free trade and economic bloc agreed to develop a digital trade pact, the Digital Trade Forum co-hosted by the NIKKEI group, Huawei and ISEAS – Yusof Ishak Institute (ISEAS) brought together the minds of government organizations, think tanks and online industry to take a closer look at cross-border digital commerce frameworks and supply chains.
âThe next five years are a crucial phase in transforming ASEAN into an inclusive, sustainable and integrated digital economy community,â said Dr. The Quang Lan, Deputy Director for ICT and Tourism, ASEAN Secretariat, âThis process requires strong commitment from ASEAN member states, effective coordination efforts among ASEAN sectoral bodies and greater input from ASEAN member states. relevant stakeholders, including the private sector. He thanked Nikkei, ISEAS and Huawei for the initiative to organize the Forum, which was a “good example of how the contribution can be organized”.
Jay chen, Vice President of Huawei Asia-Pacific, delivered a speech on accelerating digital transformation and collaborating on new rules for the digital ecosystem to unlock growth potentials in the region. To allow South East Asia To seize opportunities during these crucial five years for development, Huawei is committed to providing infrastructure, connectivity, nurturing start-ups and cultivating skilled digital talent under the promise of “In Asia-Pacific, for Asia Pacific. “
“The pandemic has shifted the focus of anti-globalization forces from trade liberalization to the mobility of capital, labor and data,” according to Dr. Jayant Menon, Visiting Senior Fellow at ISEAS, who also highlighted the opportunities of digitization for win-win results that benefit all countries in the region, regardless of their stage of digital transformation. He also touched on the digitization of supply chains and paperless commerce, which increase the resilience and efficiency of businesses.
Forum speakers also mentioned that cutting-edge technologies such as AI, Cloud, Internet of Things and 5G are all digital infrastructures. The importance of investing in digital infrastructure with mixed vertical industrial development and private sector funding was emphasized. New digital business rules can unlock potential, for example digital documents can save up to 20% of transaction costs.
The importance of building trust between stakeholders in South East Asia was taken up by all participants. Dr. Johannes fritz, CEO of St. Gallen Endowment for Prosperity through Trade, said mutual trust and recognition of data governance is key to advancing digital commerce. To better address concerns related to the digital divide, cybersecurity and data management (especially between less developed and pioneering countries), private companies are valuable contributors to policy making as they help to shaping realistic regulations that are business-friendly, address common interests, and fill social gaps such as internet infrastructure and digital skills.
The Regional Comprehensive Economic Partnership (RCEP) is an important part of regional trade, along with other FTAs ââin the region. Digitization can enhance the benefits arising from these agreements. The recent ASEAN Economics Ministers (AEM) Meeting highlighted digital integration initiatives and emphasized a transparent and secure flow of goods, services and data.
The region can continue to implement and develop regulatory forms such as FTAs ââto facilitate digital trade and economy, seizing the opportunity to lead the digital age on the basis of collaborations, mutually agreed standards and better governance.
The forum was closed by Dr Tham Siew Yean, Visiting Principal Investigator at ISEAS and Ms Sonoko watanabe, Managing Director and Regional CEO, Nikkei Group Asia, acknowledging the contribution of joint organizers such as ISEAS, Nikkei and Huawei and leading global speakers for knowledge sharing.
Huawei Digital Commerce White Paper: https://www.huawei.com/en/public-policy/innovations-in-digital-trade-unlock-the-future-today
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