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Tuesday, June 25, 2024

ASEAN To Host First Regional Shopping Festival

This Week

ASEAN will host an online shopping event this August to promote e-commerce trade among its member states.

Indonesia, which holds the rotating chair of the Association of Southeast Asian Nations (ASEAN) in 2023, came up with the idea for the event.

The upcoming event is meant to help boost e-commerce among ASEAN member states along with attracting the participation of small and medium-sized businesses.  

The first related event will be held on 8 August, also known as ASEAN Day. The best products from ASEAN countries will be promoted and showcased at a special price on this day.

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

According to the same study, Southeast Asia’s internet economy could surpass USD 240 billion by 2025. The ASEAN countries signed the Agreement on Electronic Commerce in 2019 to enable the development of e-commerce transactions in the bloc and strengthen cooperation between member countries

ASEAN has also recently taken further steps to help boost its member states’ economies, such as discussing strategic steps for economic revival at the ASEAN Tourism Forum in 2023.

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