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1 This Webcast Will Begin Shortly Poll Question: When it comes to the ASEAN, what does in-house counsel most want in terms of external counsel support? If you have any technical problems with the Webcast or the streaming audio, please contact us via at: Thank You!
2 The ASEAN Economic Community in 2015: How Multinational Corporations Can Benefit from Southeast Asian Regional Integration September 17, 2013 Presenters: Andrew C L Ong, Rajah & Tann LLP David Duncan, Tilleke & Gibbins Jo Anne Schwendinger, John Deere
3 AEC Reducing Barriers for Business 3
4 ASEAN Basics Ten Member States Brunei, Indonesia, Malaysia, Philippines, Singapore, and Thailand Cambodia, Laos, Myanmar, and Vietnam Three Pillars Security, Sociocultural Integration, Economic Integration The ASEAN Way Non-interference, consensus-driven, non-confrontational 4
5 ASEAN Economic Community Blueprint Single Market and Production Base Free flow of goods Free flow of services Free flow of investment Free flow of capital Free flow of skilled labor 5
6 Regional Policy Harmonization and Standardization of: Competition policy Consumer protection Intellectual property rights Infrastructure development Taxation E-Commerce 1 st Verification Code: Ase1 6
7 Trade in Goods ASEAN Free Trade Area ASEAN Trade in Goods Agreement (ATIGA) Reduces tariffs and non-tariff barriers among ASEAN member countries Import duties eliminated, except for sensitive items Subject to ASEAN FTAs, member states are free to set tariffs on imports from non-asean members Single Window System 7
8 Trade in Services ASEAN Framework Agreement on Services (AFAS) Goal is to remove limitations on supply by foreign service providers Phased by sector Prioritize business services, healthcare, construction, education, distribution, environmental services, maritime transportation, tourism, telecommunications, professional services Gradually increase permitted equity investment by investors from ASEAN member countries (49% 51% 70%) Market access and national treatment 8
9 Investment ASEAN Comprehensive Investment Agreement (ACIA) Requires physical protection of investments Restricts expropriation, and requires compensation at market value Requires free movement of investment-related funds Some protection offered for non-asean parties 9
10 Movement of Natural Persons ASEAN Agreement on Movement in Natural Persons Facilitate the issuance of visas and work permits for ASEAN professionals and skilled labor who are engaged in cross-border trade and investment-related activities For business visitors, contractual service suppliers, and intra-company transferees 10
11 Capital Movement Further development of capital markets Integration of capital markets (e.g. ASEAN Trade Link) Progressively reduce barriers to transfer of investment funds in and out Liberalization of policy on foreign financial services Currency cooperation 11
12 Movement of Skilled Labor Framework by which member countries can recognize the professional qualifications issued within other member states Mutual Recognition Agreements (MRAs) MRAs agreed with respect to nurses, architects, engineers, medical practitioners, dental practitioners, and tour guides. Further work to be done on MRAs for accountants and surveyors 12
13 ASEAN FTAs China Korea Japan Australia New Zealand India Negotiation in progress: European Union 13
14 Challenges for Thailand Adaptation of Domestic Statute Foreign Business Act Alien Employment Act Anti-Foreigner provisions in Telecommunications Business Act Broadcasting Act Etc. Timing 14
15 An In-house Perspective on Cost and Predictability 15
16 Trade Barriers Trade increases the quantity and type of goods and services a consumer can buy; decreases cost through increased competition. Trade barriers restrict trade, decreasing consumer choices and increasing prices. 16
17 A. Types of Trade Barriers i. Tariffs (customs duties) ii. Non-tariff barriers 1. Import and export licenses 2. Technical regulations and standards 3. Phytosanitary measures 4. Local content requirements 5. Import quotas 6. Barriers to trade in services 7. Insufficient protection of intellectual property rights 17
18 B. Fragmented Markets i. Consider the difference in the seller s production and distribution costs, and therefore the purchase price, in these two scenarios 1. Unfragmented market: Company XYZ sells product ABC into a large, harmonized market made up of 10 countries, with No import licensing requirements A single set of technical standards, and No local content requirements 18
19 B. Fragmented Markets (Cont.) 2. Fragmented markets: Same company sells the same product into the same market area where each individual country has its own Import licensing requirements (different application form for each; different fee for each; different accepted form of payment for each; different lead time for approval for each; different criteria for approval for each) Technical standards (different decals; different safety feature requirements; different operator manual requirements) Local content requirements 19
20 C. Lack of Standardized Regulations and Enforcement i. A lack of standardized product requirements 1. Increases cost of product introduction 2. Manufacturers may decide to avoid certain markets ii. Other laws and regulations (e.g., data privacy and protection; consumer protection; packaging and labeling) 1. High cost to comply with disparate rules 2. Increases cost to consumer 3. Can achieve data subject and consumer protection objectives through a common set of rules 20
21 C. Lack of Standardized Regulations and Enforcement (Cont.) iii. Enforcement 1. In addition to harmonization, businesses need predictability 2. Common rules need to be uniformly enforced 3. A trade group like ASEAN can monitor, and enhance, uniformity within its group, and with its trading partner countries outside ASEAN, through trade agreements 21
22 2. Customs & Harmonization A. Customs duties (tariffs) and the non-tariff barriers to trade discussed above can impede or facilitate trade B. Harmonization between countries or within a region facilitates trade and lowers overall costs C. ASEAN plays an important role in achieving harmonization i. Free trade agreements 1. Among ASEAN members 2. With other countries 3. Duties within ASEAN are on their way to being eliminated 4. Progress on other non-tariff barriers 22
23 2. Customs & Harmonization (Cont.) C. ASEAN plays an important role in achieving harmonization (Cont.) ii. Coordination in other areas 1. Cross-border investment liberalization 2. Financial market integration 3. Food security 4. Adoption of competition laws across ASEAN to foster a culture of fair business competition for enhanced regional economic performance in the long run. 5. Adoption of consumer protection laws across ASEAN 23
24 3. Competition Law & Policy A. Important to achieving fair business competition across the region B. There is already a high degree of legislative and policy similarity from country to country globally; a harmonized ASEAN approach would enhance this similarity C. Harmonization reduces compliance risk and cost i. It is easier to understand legal requirements, set policy, train employees and audit compliance when rules are harmonized ii. Harmonization increases the predictability of outcomes that business values 24
25 How Will Business be Changed with the AEC? How Will Legal Services Adapt in the New Environment? 25
26 How will business be changed with the AEC? Trade facilitation Tariff liberalisation Beneficiaries The Lawyer s Role 26
27 How will business be changed with the AEC? Some Notable Beneficiaries Manufacturing Distribution Education Healthcare Tourism Communications Infrastructure (PPP Projects) ASEAN SMEs IP Competition Policy Consumer Protection Peripheral Industries 27
28 How will business be changed with the AEC? Even More Cross Border Expansion INDONESIA S LONG TERM OUTLOOK STILL SOUND: OCBC Bank s business there growing, CEO Confident of investment portfolio Yasmine Yahya, The Straits Times, Sep. 2, 2013, at B12. 28
29 How will business be changed with the AEC? New Players Entering Markets ASEOP S TALE OF EXPANSION IN ASIA Aussie beauty brand takes back retail rights with ambitious plans to grow Rachael Boon, The Straits Times, Sep. 2, 2013, at B10. 29
30 How will business be changed with the AEC? More Corporate Crime FEDERAL INTERNATIONAL FILES POLICE REPORT ON 2 EMPLOYEES Dennis Chan, The Straits Times, Sep. 2, 2013, at B13. 30
31 How will business be changed with the AEC? Bigger Markets will see Introduction of more Higher Value- Add / Higher Efficiencies to be Reaped from Economies Scale BILINGUAL PRE-SCHOOL A HIT WITH PARENTS Places at upcoming school in Tanjong Pagar oversubscribed Janice Tai and Priscilla Goy, The Straits Times, Sep. 2, 2013, at B4. 31
32 How will business be changed with the AEC? Up-scaling of Exports, Intellectual Property and Intangible Know-How SERVICING A SMARTER ECONOMY Zaid Hamzah, The Straits Times, Sep. 2, 2013, at A
33 How will business be changed with the AEC? Local family business will be a major economic driving force WINNING HAND In 10 years, Allen Law has grown his family s Park Hotel Group from one property in Hong Kong to 10 in Singapore, China and Japan. Melissa Sim, The Straits Times, Sep. 2, 2013, at C4. 33
34 How will Legal Services Adapt to the New Environment? Change in Client Expectations/Reorganization of law firms 34
35 How will Legal Services Adapt to the New Environment? Law Firms Obtaining/Getting Information to Clients Quickly Policy Developments Identifying & Locating Legislative/Regulatory Changes Updates will become more important 35
36 How will Legal Services Adapt to the New Environment? Fees will need to be innovatively bundled on a regional basis No market rates? Transparency One-stop-shop for the whole region 36
37 How will Legal Services Adapt to the New Environment? Lawyers with Good Foresight Hindsight 37
38 Adapting Legal Services to the New Environment 38
39 Poll Question When it comes to the ASEAN, what does in-house counsel most want in terms of external counsel support? 39
40 Questions? 2 nd Verification Code: AN3 40
41 Speaker Contact Information Andrew C L Ong Equity Partner, Integrated Regulatory Practice Rajah & Tann LLP [Lex Mundi member firm for Singapore] Tel: (65) andrew.c.ong@rajahtann.com 41
42 Speaker Contact Information David Duncan Consultant Tilleke & Gibbins [Lex Mundi member firm for Thailand] Tel: Bangkok Hanoi Ho Chi Minh City 42
43 Speaker Contact Information Jo Anne Schwendinger Regional General Counsel Asia Pacific & Sub-Saharan Africa John Deere *President of the ACC Singapore Chapter 43
44 Thank You Lex Mundi the law firms that know your markets.
45 Thank you for attending another presentation from ACC s Webcasts Please be sure to complete the evaluation form for this program as your comments and ideas are helpful in planning future programs. If you have questions about this or future webcasts, please contact ACC at webcast@acc.com This and other ACC webcasts have been recorded and are available, for one year after the presentation date, as archived webcasts at
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