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Aec - Where Are We Now

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Aec - Where Are We Now AEC - WHERE ARE WE NOW Presented by: Dr. Laohoua Cheuching, Laos SEOM Leader, Director General, Department of Foreign Trade Policy, Ministry of Industry and Commerce, Lao PDR 3rd Meeting of the OECD-Southeast Asia Corporate Governance Initiative 1-2 June 2016 Vientiane, Lao PDR 1 OUTLINE OF PRESENTATION What we expect from AEC ? AEC- What we have achieved AEC- What are the impacts of our achievements In what areas is more progress needed? What are some of the corporate governance concerns or challenges? AEC- Impacts on Lao PDR Economic Development Regional Integration Essential For CLMV Development 2 What we expect from AEC ? Integrating Lao PDR into the regional and global economy Securing market for exports Maintaining policy stability Strengthening domestic institutions Attracting foreign investments Enhancing competitive capability 3 AEC- What we have achieved Implementation rate Implementation of AEC Scorecard There were only 316 measures when AEC Blueprint was first launched in 2007. Over the years, we continue to review the blueprint to ensure ASEAN remain relevant in the midst of uncertainty over the global economic outlook As of 31 Dec 2015, 93.9% or 475 out of 506 measures have been implemented. 4 AEC- What we have achieved (cont) 1. Tariff Elimination The Original ASEAN-6, had eliminated their import duties for 99.2% of the total tariff lines since 1st January 2010 For CLMV (ASEAN-4), 97.5% of tariff lines have been reduced to 0-5% by 2015 but some products granted flexibility until 2018 2. ASEAN Single Window Scale down pilot project concluded Full-fledged pilot project commenced 3. Rules of Origin Regional Value Content 40% (RVC 40%) or Change of Tariff Heading (CTH) 4. Self Certification Certified manufacturer and trader to decide 2 pilot projects in place 5 AEC- What we have achieved (cont) 1. Harmonization of Standards & Technical Requirements 2. Accreditation & Conformity Assessment 3. Mutual Recognition Arrangement 4. Harmonization of Regulatory Regime One Standard, One Test, Accepted Everywhere for: Automotive; Cosmetic; Electrical & Electronic Equipment; GMP Inspection of Manufacturers of Medicinal Products; Medical Device; Prepared Foodstuff; Pharmaceuticals; Rubber Based; Traditional Medicine & Health Supplement. 6 AEC- What we have achieved (cont) 1. National Trade Repository Tariff/MFN Preferential (FTA/CEP) ROO / NTMs Trade & Customs Law/Rule 2. Services 8 packages concluded (WTO Plus) 9th package was signed 10th package being negotiated 3. Financial Integration 6 packages of financial services concluded (WTO Plus) ASEAN Banking Integration Framework ASEAN Exchanges 4. Movement of Natural Person MRA Concluded: Architecture, Accountant, Engineer, Dental, Medical, Nursing, Surveyor, Tourism Professional Operationalized: Architect / Engineer 7 AEC- What we have achieved (cont) 1. Investment Liberalization Facilitation Promotion Protection Investment Policy Review 2. Competition 8 AMS have competition law in place Strategy and Tools for regional competition advocacy 8 AEC- What are the impacts of our achievements ASEAN is the third largest economy in Asia (after China and India) and the Seventh largest economy in the world. 622 Million People (53% below 30 years old) 9 AEC- What are the impacts of our achievements (ASEAN economic performance) 2007 2014 GDP US$ 1.325 T US$ 2.574 T GDP PER US$ 2,343 US$ 4,135 CAPITA TRADE US$ 1.61 T US$ 2.53 T INVESTME US$ 85 B US$ 136 B NT (5% OF (11% OF WORLD WORLD FDI) FDI) 10 In what areas is more progress needed? 1. Trade facilitation (non-tariff barriers, customs, standards) 2. Integration of SME into regional production networks and global supply chain 3. Enhancement and development of existing and new infrastructure to support sustainable development 4. Narrowing development gaps within and between ASEAN Member States 5. Conclusion of on-going FTA negotiations to serve as a building block to region-wide FTA 11 What are some of the corporate governance concerns or challenges? We have include good governance in our AEC 2025 blueprint We would like to hear more from private sectors any specific corporate governance they encountered for us to look into 12 AEC- Impacts on Lao PDR Economic Development 1997 2005 2014 GDP US$ 1.75 US$ 2.87 US$ 11.78 B B B GDP PER US$ 408 US$ 511 US$ 1,730 CAPITA TRADE --- US$ 876 M US$ 5.39 B* INVESTME US$ 86 M US$ 187 M US$ 913 NT (2006) M* 13 ASEAN Economic Integration Essential For CLMV Development Annual Year-on-Year Average (2007-2014) 1. GDP: CLM -6.9% and ASEAN -6 5% 2. GDP per capita: CLMV 240% and ASEAN6 170% 3. Trade Intra-ASEAN: CLMV – 17.1% and ASEAN6 – 7.4% Extra-ASEAN: CLMV – 20.4% and ASEAN6 – 7.6% 4. Investment Intra-ASEAN: CLMV – 61% and ASEAN6 – 18.1% Extra-ASEAN: CLMV – 22% and ASEAN6 – 18.2% 14 Concluding Note The establishment of the AEC provides both opportunities and challenges for Lao PDR, especially her business community. Lao PDR will have a strong opportunity to learn from the experience of others about state management and business regulation and facilitation. On the other hand Lao PDR will face growing competition. Benefits from ASEAN economic integration is not automatic, and lot of efforts and ownership is required. 15 Thank You 16 OECD-Southeast Asia Corporate Governance Initiative 1-2 June 2016 Vientiane, Lao PDR Session 1 – Taking Stock of ASEAN Integration – Building an Economic Community Azryta Abdul Aziz General Manager and Head Markets & Products, Securities Commission Malaysia The views expressed in this presentation are my own and do not necessarily represent the opinions of the OECD, Malaysia or Securities Commission Malaysia ASEAN is an emerging centre of economic gravity… GDP Population USD 2.5 trillion 633 million (7th largest in the world) (3rd largest in the world) FDI Inflows Exports USD 126 billion USD 1.58 trillion (2nd largest in the world) (4th largest in the world) Private Consumption Fixed Asset Investment USD 1.38 trillion USD 650 billion (8nd largest in the world) (4th largest in the world) 18 Sources: World Bank, The Economist; 31 December 2015 The capital market being a critical enabler of growth… Concept Diagram Slide Stock market capitalisation of USD 2.02 trillion, accounting for 3% of the world’s total Launchpad for new PLCs, 74 IPOs with USD 7 billion raised in 2015 This is a sample text. Insert your desired text here. Home to over 70% of total global Sukuk issuances Total value of local currency bond outstanding- USD 1.1 trillion Concept DiagramSample Slide with strong upside potential … text Size of pension fund and insurance assets accounting for more than USD 640 billion Gross savings rate amounting to 30% of GDP 19 Sources: World Federation of Exchanges, The Asian Bonds Online, Bloomberg; 31 December 2015 However, there are challenges to economic integration… Different stages • ASEAN-3 constitute approximately 65% of ASEAN’s total stock market of economic capitalisation development • The standard deviation in average incomes among ASEAN countries is more than 7 times of EU states Divergence in domestic • Variations in terms of capital controls, exchange restrictions, tax regimes and policies portfolio restrictions on institutional investors. Variation in SME • Representing at least 90% of business establishments in the region but with development differing maturity levels and ability to scale-up to respond to competition and capacity 20 Therefore the future reform priorities for ASEAN… Raising productivity by improving infrastructure & education quality Supporting SMEs by expanding financial inclusion Strengthening financial systems to safeguard stability Making institutions effective to realize long term growth potential 21 Looking back at the ACMF Implementation Plan (2009 – 2015) ASEAN ASEAN CIS Disclosure Framework Standards Expedited Review Streamlined Review Framework for Framework for ASEAN Secondary Listing Common Prospectus ASEAN Trading ASEAN Corporate Link Governance Initiative - Create an enabling framework for regional integration Driven by the following - Create the market infrastructure and regionally focused products strategies - Strengthen the implementation process 22 Some progress measures as at the end of 2015 … • Shortened the review process (single prospectus) for multi-jurisdiction (ASEAN) offering of equity securities and plain debt securities from around 6 months to about 3-4 months • MoU on Expedited Review Framework on Secondary Listing signed in March 2012 resulted in reduced time to market from 112 to 35 business days • Operationalised in August 2014, 13 funds have been authorised as Qualifying CIS (6 each from Malaysia and Singapore and 1 from Thailand); 5 have been recognised and successfully launched in host jurisdictions • Intra-ASEAN portfolio investment assets has increased 2009: USD 34 billion 2015: USD 88 billion 23 The ACMF strategic priorities to 2025 … 1 Enhancing & facilitating growth and connectivity 2 Promoting and sustaining inclusiveness 3 Strengthening and maintaining orderliness & resilience Phase 1 (2016-2020) • Regional market infrastructure and ACMF’s Market Development Programme (A-MDP) connectivity will form the foundation for Phase 1. • Cohesive regulation and practices A-MDP aims to:- • Promote ASEAN asset classes . Cultivate domestic and regional regulatory • Mobility of professionals expertise that will be recognised globally. • Greater investor participation . Respond to critical capacity building needs based • Stakeholder interaction on regional priorities as well as member countries
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