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5 Sep 2011 @ 22:33, by Erle Frayne Argonza
Instituting regulatory reform frameworks within the ASEAN is truly a tough job to perform. Being an evolving economic union, the first set of regulatory frames is naturally the trade regimes. This can move on to the financial-monetary regimes, which will be capped by the formation of the ASEAN Central Bank comes 2015 union.
PIONEERING ASEAN’S REGULATORY REFORM FRAME
Erle Frayne D. Argonza
Instituting regulatory reform frameworks within the ASEAN is truly a tough job to perform. Being an evolving economic union, the first set of regulatory frames is naturally the trade regimes. This can move on to the financial-monetary regimes, which will be capped by the formation of the ASEAN Central Bank comes 2015 union.
But ASEAN has gone beyond the economic, such as the concurrence on improving human rights in the region. Though the regulatory and executory frameworks of the said diplomatic regime haven’t exactly galvanized yet, at least it set the tone for non-economic dialogue and collaboration that are doorways to future political and cultural frames.
Below is an update report about the landmark regulatory framework dialogue of ASEAN states. Needless to say, I am very supportive of such an creating of regulatory reform architecture in the short run.
[Philippines, 05 September 2011]
ASEAN's Regulatory Reform Dialogue a First
Jakarta, Indonesia, 27 July 2011
ASEAN integration took another step forward, as delegates met for the First ASEAN Regulatory Reform Dialogue (ARRD) in Jakarta today.
The Dialogue - chaired by Dato Lim Jock Hoi, Permanent Secretary, Ministry of Foreign Affairs and Trade of Brunei Darussalam -is an important avenue to exchange views and information on regulatory reform efforts and policy measures, and to discuss measures and activities to take forward ASEAN initiatives on regulatory reform related issues.
This effort is a positive and pro-active step towards looking into ways to deal with impediments to trade, and investment facilitation, as ASEAN advances its economic integration.
Specialists in structural and regulatory reforms from the World Bank, and the Asia-Pacific Economic Cooperation (APEC)Secretariat, also shared their knowledge, tools, approaches and experiences at the Dialogue.
In today's complex and interconnected world, regulations assume a greater role than ever before as a fundamental tool of government, and an integral part of a well-functioning economy. Regulatory reform is a multi-faceted task that involves various stakeholders, and it requires co-operation between all levels and all stakeholder groups in ASEAN, namely government administration, business, and peoples.
Dato Lim said that "ASEAN is diverse and there is no 'one size fits all' formulation to addressing regulatory reform . but there is scope for a degree of regulatory coherence in many areas, especially in areas committed under the ASEAN Economic Community (AEC) Blueprint". He further elaborated that "undertaking regulatory reform will never be an easy task and it is essential to start the process of socialising the issue of regulatory reform within ASEAN today".
The Deputy Secretary-General of ASEAN for ASEAN Economic Community, S. Pushpanathan, who participated in the Dialogue, articulated that "behind the border regulatory reform could assist ASEAN countries in realising the full potentials and benefits of trade, investment liberalization, and facilitation at the border." He further added that, "for a successful regulatory reform to take place, it is important that we bring in the private sector and other stakeholders to participate in the regulatory reform and policy-making process".
During the Dialogue, each ASEAN country presented the progress, challenges and issues related to regulatory and structural reform that has and is being undertaken in the areas of trade in services, investment facilitation and transport. The Members then exchanged views on their respective reform efforts and discussed on the possibility of cooperation in these three areas at the regional level.
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