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The World Economic Forum emphasizes the importance of data standards, ethical AI, and diaspora engagement for the digital economy in ASEAN. A collaborative approach to harmonizing data protection regulations is essential for efficient trade and attracting foreign investment. The anticipated ASEAN Digital Economy Framework Agreement (DEFA) aims to facilitate these goals.
AI is recognized as a double-edged sword, offering benefits across sectors like healthcare and finance while posing risks if unregulated. Establishing a robust framework for ethical AI is crucial to ensure fairness and accountability, fostering public trust. The WEF highlights the diaspora's potential to enhance ASEAN's digital economy by leveraging skills and networks.
• ASEAN's digital economy could reach $2 trillion by 2030.
• Ethical AI frameworks are essential for public trust and innovation.
The article stresses the need for ASEAN countries to establish frameworks that align AI development with human rights.
The WEF argues for harmonizing these regulations to facilitate cross-border data flow in ASEAN.
DEFA is expected to align regional standards with international practices to unlock digital potential.
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