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ASEAN to Host 1st Regional Online Shopping Festival

Source: Lao News Agency

The Association of Southeast Asian Nations (ASEAN) will host the first region-wide online shopping event in August this year to promote cross-border trade through e-commerce.

Indonesia, the rotating chair of the bloc in 2023, has recently proposed an idea of promoting e-commerce among the member states, attracting the participation of consumers and small- and medium-sized enterprises. The first related event will be an online sales day held on ASEAN Day (August 8), which is about to showcase the best of ASEAN products at special prices.

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According to the 2018 e-Conomy SEA, an edition of a multi-year research project by Google and Temasek to shed light on the internet economy in Southeast Asia, the internet-based economy in ASEAN, regarding online travel, e-commerce, online media, and ride-hailing services, was estimated to hit 72 billion USD.

The study also predicted that Southeast Asia’s internet economy could surpass 240 billion USD by 2025.

In 2019, the ASEAN Agreement on Electronic Commerce was signed in order to facilitate the development of e-commerce transactions in the bloc and strengthen cooperation between member countries.