ASEAN URGED TO ENHANCE INTER-REGIONAL TRADE
KUALA LUMPUR, Malaysia Aug 8 (NNN-Bernama) — ASEAN countries have been urged to take the opportunity to enhance trade with each other amid the US-China trade tensions, given the bloc’s huge population of 642 million.
Minister of International Trade and Industry Darell Leiking said collaboration should focus on strengthening ASEAN economies, particularly in the digital market, which is expected to be worth US$200 billion (US$1 =RM4.07) by 2025 from US$31 billion in 2015.
Focus on what we (ASEAN) have, while other nations (such as the US and China) are going through their rough times.
With the talent we have, we should create more interactions through Google, Facebook, e-portals and other social media platforms.
We must be ready to embrace the digital marketplaces and enhance our economy, Darell told reporters after his welcoming remarks and presentation on Unlocking the Potential of E-Commerce in conjunction with the 51st ASEAN Day celebration here today.
He said to facilitate cross-border e-commerce transactions in the region, the ASEAN Agreement on e-Commerce is currently being finalised and is targeted to be concluded at the end of this year.
We will update on the agreement when the time comes, he said.
The objectives of the agreement, he said, include creating an environment of trust and confidence in the use of e-commerce, while driving inclusive growth and narrowing development gaps in the region.
Darell also said that he will be in Jakarta on Aug 10-12 to meet his Indonesian counterpart to discuss and enhance bilateral ties.
Asked if online transactions would be subjected to the new Sales and Services Tax (SST), Darell said he was not aware of the matter.
I have not read that it will (be subject to SST), but if it is, we will address it accordingly. At the moment, the government has not touched on the issue but I am not sure if our other trading partners (ASEAN) have done the same, he added.
Source: NAM News Network