The Agreement establishing the ASEAN-AustraliaNew Zealand Free Trade Area (AANZFTA) aims to create a business environment that promotes certainty, predictability and transparency. It opens up business opportunities in ASEAN, Australia and New Zealand and allows greater market access for exporters and manufacturers in the region.
ASEAN is currently negotiating the Regional Comprehensive Economic Partnership (RCEP) to broaden and deepen ASEAN’s engagement with its Free Trade Agreement (FTA) partners namely Australia, China, India, Japan, Republic of Korea, and New Zealand. ASEAN’s economic dynamism is expected to benefit from RCEP that will provide a basis for broader regional integration and help address concerns about the ‘noodle bowl’ effect of overlapping bilateral and regional agreements.
Insurance is one of the financial services sectors being liberalised by ASEAN Member States (AMS) under the ASEAN Framework Agreement on ervices (AFAS). A well-developed, open and integrated insurance sector signifies competitive markets with more, betterquality, and lower-cost ervices for the customers to choose from.
The ASEAN Economic Community (AEC) Blueprint envisions a region with interlinked capital markets that facilitate greater trade and investment lows. A deeper and more liquid capital market helps channel funds to where it is needed, expands the investment choices for savers, provides more fundraising alternatives to firms, and strengthens the economy’s capacity to withstand shocks to stability.
The banking system continues to be the most developed financial sector in many ASEAN Member States (AMS), making it a cornerstone of financial integration to support AEC. In December 2014, the ASEAN Central Bank Governors endorsed the ASEAN Banking Integration Framework (ABIF) and its attendant Guidelines.
The Trans-ASEAN Gas Pipeline (TAGP) is a physical energy infrastructure project to support new market opportunities, as well as to increase energy security amongst the ASEAN Member States. Rapid increase in economic growth and population in the region has created potential challenges in terms of energy security and sustainability. The TAGP is focused to a long term security of energy supply in the region as well as its availability and reliability.
Secure and reliable electricity infrastructure is vital to support regional economic growth and integration process. The ASEAN Power Grid (APG) is an initiative to construct a regional power interconnection to connect the region, first on crossborder bilateral terms, and then gradually expand to sub-regional basis and subsequently leading to a total integrated South East Asia power grid system.
Challenges for public and policy as well as regulatory issues associated with consumer protection will become more important as a rapid urbanisation and growing middle class in ASEAN will continue to drive higher levels of consumer spending and greater demand for goods and services.
