Ease of movement of people, capital, services and data across borders
The Government will pursue high-quality digital trade liberalisation and facilitation rules through free trade agreements and participation in the WTO, OECD, APEC and G20.
Encourage the development and harmonisation of high-quality digital standards with key trading partners, including through FTAs, in multilateral fora, and through regulator-to-regulator cooperation. This could include facilitating the development of international digital standards.
When negotiating trade agreements, the approach taken by Hong Kong and Australia in the recently negotiated Australia-Hong Kong FTA should serve as a model of how to lock in free cross-border data flows for the finance sector without mandatory local data storage requirements.
Progress to date
The Australia-Singapore Digital Economy Agreement sets new global benchmarks for trade rules and a range of cooperation initiatives. Key outcomes included commitments on data flows, data localisation, electronic authentication, electronic signature and treatment of source code. It also established a framework for collaboration between FinTech and RegTech (regulatory technology) enterprises and industry bodies to explore business opportunities and develop standards.
The Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA) represented a significant step forward in agreeing up-to-date commitments on digital trade with Indonesia. Key outcomes include commitments on data flows, data localisation, treatment of source code and transparency in the regulation of digital trade.
Australia has contributed $1 million to support Asia-Pacific Economic Cooperation (APEC) initiatives on digital trade. This includes an APEC project on improving the measurement, regulation and inclusion of the digital economy, the APEC Digital Symposium, and contributing to the APEC Digital Innovation Sub-Fund (Asia Pacific).