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08 September 2012

Template for regulatory reforms (ASEAN)

According to an ASEAN Korea Centre news item, "ASEAN is moving towards creating a template that would institutionalize regulatory reforms that would guide the region in its trade negotiations with other regional trade partners as the ten-member states fully integrate their economies by 2015."
This template would serve as ASEAN's guiding principles when they negotiate for other regional trade deals or the so-called ASEAN + 3.
So far, ASEAN has entered into regional FTA deals including China, EU, Japan, US, Australia-New Zealand, India, among others. On top of that, individual ASEAN members also conduct their own bilateral FTAs with other trading partners. These FTAs are no longer governed by ASEAN rules.
But this guiding principle will not supplant existing ASEAN agreements but rather broaden the economic reach of ASEAN as it seeks to expand trade and investments through regional FTAs.
In July this year, the Philippines hosted the first ASEAN Regulatory Reform Symposium for ASEAN (ARRS) integration in preparation for the ASEAN full economic integration or the ASEAN Economic Community (AEC) by 2015.

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