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Analysis on the Online Platform Markets and Policies in India and ASEAN ICT economy, trade policy

Author Jeong Gon Kim, Seung Kwon Na, Jaeho Lee, ChiHyun Yun, and Eunmi Kim Series 20-15 Language Korean Date 2020.12.30

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   Recently, there has been prominent growth in the digital platform market in Southeast Asian countries and India. Due to the Covid-19 pandemic, demands for economic and social activities centered on digital platforms are expected to rise further. This report presents implications for cooperation between Korea and Southeast Asian countries and India by studying the development level and growing areas of the digital platform market in these countries, related laws and regulations, policies, and lastly, strategies of countries such as the United States, China and Australia toward Southeast Asian countries and India.
   While the Southeast Asian platform market is led by growth in e-commerce, ride-sharing and delivery services, the content platform market represented by over-the-top (OTT) media services is also growing rapidly with Covid-19, and there is a high perspective of growth in digital education and healthcare as well. India is accelerating its digital transformation across various areas due to the establishment of its Aadhaar-based digital financial ecosystem, increased demands on untact activities, and improved income levels. Amid the rapid growth of the online platform market, policies and institutional environments related to digital platforms in Southeast Asia and India are also rapidly changing. Southeast Asian countries are in the process of establishing an institutional basis for digital platforms: regulations on foreign investment, private information protection, e-commerce, etc. India is also in the process of overhauling its digital platform- related institutions and regulations.
   Competition among countries is also intensifying, with the rapidly growing digital platform market in these countries. China’s influence in the Southeast Asian platform market has been expanding over a considerable period of time. While the U.S. maintains its basic strategy of liberalizing global digital trade norms, it has recently concentrated on strengthening its role as a cooperative partner for growth of the digital economy in Southeast Asia. As a check on China’s influence in Southeast Asia, Australia aims to exercise its influence in the process of establishing institutional bases for the digital economy in Southeast Asia. Meanwhile, U.S. companies hold an overwhelming presence in the Indian platform market. Amid the estrangement of political and economic relations between U.S. and China, India is becoming more important for the U.S. both as a market and a strategic ally. Australia is pushing for cooperation with India, focusing on areas where it enjoys a competitive advantage and where prospects are high for the Indian market. Australia is also focusing on cooperation with ASEAN and India in terms of building the foundation of the digital economy, such as technology, institutions, standards, and R&D.
   With the implementation of the New Southern Policy (NSP), Korea is gaining momentum to diversify economic cooperation with Southeast Asia and India into the realm of the digital economy. Open data, convergence of 5G and artificial intelligence across all industries, and fostering digital education and medical care, as presented by the Digital New Deal initiative of Korea, can all be considered as future cooperation agendas between Korea and Southeast Asian countries or India. In particular, Korea needs to pay attention to areas such as digital finance, healthcare, education, and content where NSP region’s demands are surging.
   Korea needs to push for digital economy and trade agreements with countries in the NSP region. In Southeast Asia, besides Singapore, the promotion of agreements with Malaysia, Thailand and the Philippines can be considered. In particular, it is necessary to find cooperative projects that reflect common interests, such as harmonizing personal information protection laws, utilizing public data, developing cooperative projects related to digital standards, finance, healthcare, and education. In the case of India, Korea needs to secure cooperative channels by establishing digital economic and trade agreements. It is important to share trends of rising businesses, institutions, and policy trends between the two countries and identify cooperation agenda.

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