The mid-market has spent thirty years digitising what they buy and what they pay for it. The third leg, what it costs to move it legally across preferential regimes, has remained a PDF, a phone call, and a broker's habit.
ASEAN is one of the few regions where the same shipment can qualify under multiple agreements, tariff schedules change on different timetables across agreements, and most firms still manage preference claims through brokers, spreadsheets, and institutional memory.
Eleven member states. Eight region-wide FTAs. Bilateral agreements layered on top. The arbitrage is structural, and almost no one is pricing it.