Data is regarded as the fourth factor of production in today’s digital economy and plays an integral role in digital trade. In contrast with overly strict or relaxed data flow policy, a balanced approach will maximize the output of the ICT sector. Digital Economic Agreement (DEA) stipulations concerning data flows are deemed to improve firm productivity and profitability while compliant with the country’s respective data regulations.
- Overly liberal flows of data lead to issues in consumer privacy and national security issues.
- DEAs will protect these interests while pursuing the goals of economic growth and firm innovation via regulated data flows.
- Guiding data policy principle should be liberal for non-personal data whilst keeping sufficient security measures in place.
- An optimal data flow policy will maximise the output of the ICT sector.
Article By Jing Zhi LIM
Graphic By Yixuan GE