ASEAN Services Integration Report

ASEAN Services Integration Report

The Association of Southeast Asian Nations (ASEAN) brings together ten countries with over 620 million people and a combined gross domestic product of more than USD 2.5 trillion. These countries are well integrated into the global economy and have benefited from this integration. And, as evidenced by their adoption of the ambitious goal of forming an ASEAN Economic Community (AEC) by 2015, they are committed to even deeper regional integration. This report takes stock of ASEAN’s achievements in services integration, delineates the potential gains from further integration and highlights the challenges that remain. Recognizing the role of services in spurring economic growth and job creation, including in manufacturing and agriculture, regional policymakers have committed to an ambitious plan for integrating their services sectors as a core element of the AEC. As the report highlights, there are successes in some sectors, such as in health in Thailand, education in Malaysia and finance in Singapore, on which future actions can build. Nevertheless, intra-ASEAN trade in services remains low relative to the economic size, complementarity and geographical proximity of ASEAN member states. As the report notes, there are still a range of policies in ASEAN economies that impede services integration. Overall, the data and analysis show that while there has been good progress in making commitments to integrate services trade, more needs to be done to fully realize the goals laid out in the AEC Blueprint. The report reviews approaches to negotiations and institutional processes underlying services integration. It provides a range of specific recommendations on implementing commitments, enhancing transparency, and strengthening the institutional framework and negotiating modalities. Finally, it highlights priorities for regional regulatory reform and cooperation as a means of deepening services integration.

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Bibliographic Details
Main Authors: ASEAN Secretariat, World Bank
Format: Working Paper biblioteca
Language:English
en_US
Published: World Bank, Washington, DC 2015
Subjects:CAPITALS, EMPLOYMENT, FOREIGN ENTRY, FINANCIAL SERVICES, COUNTRY COMPARISONS, CAPITAL MARKETS, REGULATORY FRAMEWORK, STRUCTURAL ADJUSTMENT, FINANCE MINISTRIES, ACCOUNTING, DEPOSITS, RETIREMENT, PRINCIPAL, BANKING INDUSTRY, INTEREST, LAWS, GUARANTEES, PRIVATIZATION, INDUSTRY, SAVINGS ACCOUNTS, STRATEGIES, BANKING SERVICES, SERVICES, TRADE FLOWS, PUBLIC SERVICES, BOARDS OF DIRECTORS, PRICING, PROJECTS, ELECTRONIC FUNDS, FINANCIAL INTEGRATION, SAVING, CENTRAL BANKS, LEVEL PLAYING FIELD, TELEPHONE SERVICES, RURAL BANKS, ACCOUNTING SERVICES, PUBLIC POLICY, MARKET ENTRY, SAVINGS, TECHNICAL ASSISTANCE, PENALTIES, ELECTRONIC FUNDS TRANSFER, DEPOSIT GUARANTEES, LABOR COSTS, TRANSPORT, FIXED COSTS, PRODUCTIVITY, EXTERNALITIES, TRANSFERS, FINANCIAL INSTITUTIONS, CRITERIA, DEBT, MARKETS, LOCAL GOVERNMENT, CAPITAL REQUIREMENTS, LEGISLATION, LABOR, LOANS, ENTERPRISES, INVENTORY, SUBSIDIES, MONETARY AUTHORITIES, REGULATORY OBJECTIVES, FINANCE, GRANTS, INFRASTRUCTURE, TAXES, BANKING SECTOR, BANKS, SUPERVISORY AUTHORITIES, EQUITY, AUTOMATED TELLER MACHINES, SYSTEMIC RISK, ACCOUNTABILITY, CAPITAL, WAGES, OPERATING COSTS, RETAIL BANKING, SOCIAL SERVICES, FINANCIAL STABILITY, SUBSIDIARIES, VALUE, WAGE RATES, BANK, CREDIT, MACROECONOMICS, PRUDENTIAL REGULATIONS, INCOME DISTRIBUTION, CAPITALIZATION, CAPITAL FLOWS, MANDATES, PROPERTY, FOREIGN BANKS, AFFILIATES, FACE VALUE, TRANSACTION COSTS, FOREIGN EXCHANGE, ECONOMICS, SUBSIDIARY, ACCOUNTING SYSTEMS, GOVERNANCE, INSURANCE, TAXATION, MICROFINANCE, LAND, PRUDENTIAL REQUIREMENTS, INCOME ELASTICITY, RISK, COMMERCIAL BANKS, FINANCIAL MARKETS, SUBNATIONAL GOVERNMENTS, CAPITAL REQUIREMENT, BANKING, REVENUE, RISK MANAGEMENT, LENDING, STATISTICAL ANALYSIS, TRANSITION ECONOMIES, GAMBLING, BANK BRANCHES, ADB, GOVERNMENTS, HEALTH SERVICES, ECONOMIES, AUDITING, CONSOLIDATION, GOVERNMENT INTERVENTION,
Online Access:http://documents.worldbank.org/curated/en/2015/11/25247599/asean-services-integration-report-joint-report-asean-secretariat-world-bank
https://hdl.handle.net/10986/22919
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Summary:The Association of Southeast Asian Nations (ASEAN) brings together ten countries with over 620 million people and a combined gross domestic product of more than USD 2.5 trillion. These countries are well integrated into the global economy and have benefited from this integration. And, as evidenced by their adoption of the ambitious goal of forming an ASEAN Economic Community (AEC) by 2015, they are committed to even deeper regional integration. This report takes stock of ASEAN’s achievements in services integration, delineates the potential gains from further integration and highlights the challenges that remain. Recognizing the role of services in spurring economic growth and job creation, including in manufacturing and agriculture, regional policymakers have committed to an ambitious plan for integrating their services sectors as a core element of the AEC. As the report highlights, there are successes in some sectors, such as in health in Thailand, education in Malaysia and finance in Singapore, on which future actions can build. Nevertheless, intra-ASEAN trade in services remains low relative to the economic size, complementarity and geographical proximity of ASEAN member states. As the report notes, there are still a range of policies in ASEAN economies that impede services integration. Overall, the data and analysis show that while there has been good progress in making commitments to integrate services trade, more needs to be done to fully realize the goals laid out in the AEC Blueprint. The report reviews approaches to negotiations and institutional processes underlying services integration. It provides a range of specific recommendations on implementing commitments, enhancing transparency, and strengthening the institutional framework and negotiating modalities. Finally, it highlights priorities for regional regulatory reform and cooperation as a means of deepening services integration.

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