Digital Economy for ASEAN Economic Integration
The digital economy performs an essential role in deepening the ASEAN regional integration.
We present and review the role of the digital economy in the deeper Association of Southeast Asian Nations (ASEAN) economic integration, utilizing the literature review method extensively. The digital economy performs an essential role in deepening the ASEAN regional integration. Digital economy policies can support modern high-tech industries, the development of e-commerce, and the optimization of small and medium-sized enterprises and encourage foreign direct investment. To achieve a digital economy, governments need to consider the regulatory, legal, and policy issues stemming from technology, platforms, and providers. If ASEAN countries are to benefit from the digital economy, privacy, security, intellectual property, and customer protection are some of the issues that their governments must address.
Further, interagency cooperation is essential for ASEAN countries to create compelling digital laws and regulations that address the myriad of issues across sectors. To capitalize on the full potential of digitization across the region, there is a need for a supportive policy framework. In particular, the ability to move information quickly and seamlessly across the borders, which will benefit trade, increase innovation, and support financial movements, is crucial. The recommendation of this paper is to encourage ASEAN governments to establish policies on data management that allow member economies to benefit from enhanced efficiency, an extended reach, and reduced costs.