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...

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Bibliographic Details
Main Authors:	ASEAN Secretariat, World Bank
Format:	Working Paper
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 http://hdl.handle.net/10986/22919

Description
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.

ASEAN Services Integration Report

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