SINGAPORE, May 5 — The digital economy will be a key priority for the Association of South-east Asian Nations (Asean) when Singapore takes over the chair of the 10-member regional bloc, said Minister for Trade and Industry (Trade) Lim Hng Kiang.

He was speaking at the Asean Conference, jointly organised by the Singapore Business Federation, United Overseas Bank (UOB), law firm Rajah & Tann and RSM Chio Lim accountants yesterday.

Singapore will work towards streamlining regional trade rules governing e-commerce to promote greater digital connectivity in the region and lower operating barriers to entry, said Lim. "We will also ensure that these (rules) are incorporated into our current regime and new trade agreements.”

A new Asean-wide certification regime is on the cards that will enable authorised exporters to self-certify that their goods meet Asean requirements for preferential treatment. An Asean Single Window to expedite customs clearance will also be introduced through the electronic exchange of information across borders. This will facilitate movement of goods within the bloc and allow businesses to enjoy lower administrative and time-to-market costs, according to Lim.

"Businesses have benefited from Singapore’s improved trade connectivity through Asean. They are able to sharpen their competitiveness by tapping on Asean’s extensive list of FTAs (free trade agreements) to gain preferential access to growing markets in Asean and beyond,” said Lim.

According to speakers at the event, government support and availability of talent are the two key factors that will determine the success and pace of digitisation across economies.

South-east Asia is the world’s fastest-growing Internet region, and its 260 million users are expected to grow to 480 million by 2020. Digital opportunities in the region are estimated at US$200 billion (RM863 billion), according to the conference organisers.

"Businesses need to have their digitisation strategies powered by leadership support,” said Janet Young, head of group channels and digitalisation at UOB, at a panel discussion on digital connectivity between Asean and the world.

As long as businesses remain relevant to their customers, "it does not matter whether they are disrupted or being disrupted.”

Meanwhile, highlighting the growing internal as well as global challenges facing Asean, Lim noted that uncertainties and anti-trade sentiments have been on the rise in the global trade environment.

"The solution to sluggish global growth lies not in closing off markets, but keeping markets open for unimpeded trade and investment flows,” said Lim. To ensure Asean’s value proposition, the regional bloc has to continue building stronger economic connections within the region and with the outside world, "to benefit our people and our economies.” — TODAY