MANILA – Prime Minister and Finance Minister Lawrence Wong will arrive on Nov 14 for the 49th ASEAN Summit in Manila, where a landmark agreement on the region’s digital economy was concluded after three years of negotiations.
The ASEAN Digital Economy Framework Agreement, signed by Deputy Prime Minister and Minister for Trade and Industry (Trade) Gan Kim Yong and his counterparts at the ASEAN Economic Community Council Meeting on Nov 14, is the first legally binding regionwide agreement of its kind.
It will establish common rules for digital trade, cross-border data flows and electronic payments across all 11 ASEAN member states, laying the foundation for closer digital economic integration and opening up opportunities for businesses.
It is projected to double the region’s digital economy from US$1 trillion (S$1.29 trillion) to US$2 trillion by 2030.
The conclusion of the agreement is among key highlights for the Nov 15 to 17 summit, the second of the biannual meetings among ASEAN leaders.
In a statement on Nov 14, the Prime Minister’s Office (PMO) said PM Wong and his counterparts will reaffirm their commitment to community building efforts at the meetings.
They will discuss ways to promote an open and inclusive regional architecture and strengthen collaboration with external partners to advance peace, stability, and prosperity in the region, added the PMO.
They will also meet the leaders of key summit partners, Australia, China, India, Japan, South Korea, the US and the United Nations.
Among them will be US President Donald Trump as well as Chinese Premier Li Qiang.
Also on the summit agenda will be energy security as well as ASEAN’s green energy transition, as the grouping looks to build resilience so as to better withstand external shocks.
Countries in the region have been among the most badly affected by the global energy crisis precipitated by the conflict in the Middle East and ongoing war in Ukraine, and various ASEAN leaders have been pushing for the swift ratification of the ASEAN Petroleum Security Agreement to enable emergency oil and gas sharing.
At the opening ceremony of the summit on Nov 15, an updated ASEAN flag and emblem will also be unveiled to reflect the addition of Timor-Leste, which officially joined the grouping in 2025.
The new flag and emblem will feature 11 stalks of paddy, representing the 11 member states.
Singapore takes over the ASEAN chairmanship in 2027, and Philippine President Ferdinand Marcos Jr will hand over the ceremonial gavel to PM Wong at the closing ceremony of the summit on Nov 17. PM Wong will then outline Singapore’s plans as ASEAN chair.
At the summit, PM Wong will be accompanied by Mrs Wong and Minister for Foreign Affairs Vivian Balakrishnan.
In his absence, Gan is Acting Prime Minister.
