ASEAN’s borderless digital economy faces trust problem

Homepage > News > Business > ASEAN’s borderless digital economy faces trust problem TL;DR: The 11-member bloc of the Association of Southeast Asian Nations (ASEAN) vows to provide its 700 million people access to an open, secure, and inclusive digital future through the Digital Economy Framework Agreement (DEFA), which governments plan to sign in November. While the treaty offers an estimated $2 trillion economic opportunity to the region, all while targeting to address complexities associated with establishing a digital economy, civil society groups and digital rights advocates question what it really means for the ordinary individuals. Key Takeaways: ASEAN is moving toward a November ratification of DEFA despite concerns from civil society groups about the agreement’s transparency. ASEAN member states are preparing projects that could translate DEFA into practical initiatives covering cross-border payments, digital customs procedures, and business identification. Many ASEAN businesses have yet to determine how DEFA could affect their operations, leaving a significant share of companies unprepared for its potential implementation in 2027. DEFA Timeline: October 18, 2021: ...