ASEAN ECONOMIC INTEGRATION SCORECARD: PRIORITIES OF … · Countries have made in the ASEAN Economic Community (AEC) blueprint: A. Removal of substantially all restrictions on priority
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ASEAN ECONOMIC INTEGRATION SCORECARD:
PRIORITIES OF U.S. COMPANIES
U.S. Chamber of Commerce
Presentation to ASEAN Economic Ministers
Manado, Indonesia
August 13, 2011
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The U.S. Chamber of Commerce thanks the ASEAN economic ministers and U.S.Ambassador to ASEAN David Carden for the opportunity to present this survey informingASEAN governments about the priorities U.S. companies put on the grouping’s variousefforts to meet the goals of economic integration under the ASEAN EconomicCommunity (AEC). We also thank James Wallar of Nathan Associates for his help indesigning the questions and interpreting the results.
The U.S. Chamber of Commerce is the world’s largest federation representing the interestsof more than three million businesses and organizations of every size, sector, and region.***Creating an ASEAN Economic Community is important for those businesses that expectto increase significantly their trade and investment in the region in the next five years.
How do we know this?
The U.S. Chamber conducted a survey to see whether the ASEAN goal to achieve anASEAN Economic Community (AEC) by 2015 was important to them. This surveysupplements the findings of last year’s survey that gauged ASEAN Member Countries’progress in implementing their ASEAN commitments.
Frankly, progress has been modest. We didn’t expect to see much more progress this yearand wanted to take a step back and ask the basic question: Are ASEAN’s economic goals,as recorded in the ASEAN Blueprint to achieve the AEC, important for businesses? Thegoals have been endorsed at the political and economic policy levels, but would they makea difference to business? After all, businesses bring money, management, and know-howthat raise productivity, contribute to economic growth, create jobs, and lift living standards.
We can report to the economic ministers a resounding answer: “Yes, business is intenselyinterested in the creation of an AEC along the lines reflected in the blueprint.”
About 60% of the firms surveyed said achieving the goals of the AEC are “quite” or“extremely” important to their companies. Interestingly, 6 % of the firms indicated thatthey have based their business strategy on a fully integrated ASEAN. These firms appearto be positioning themselves to take full advantage of the regional market reaping the “firstmover advantage.” Nearly a third of the firms surveyed base their strategy “considerably”on ASEAN achieving its goals. Twenty-three percent of the firms said they don’t takeaccount of ASEAN, a lower number than one would expect given the continued talk abouta country-specific and bilateral focus.
While one cannot infer a trend from a single data point, it would seem that ASEAN hasgotten businesses’ attention. What does ASEAN need to do to deliver?
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Our survey results suggest the following:
1. Implement the ASEAN Trade In Goods Agreement (ATIGA).a. Tariff reductions and elimination are “extremely” or “quite” important to
60% of respondents.b. Two-thirds said simplified rules of origin are “quite” or “extremely”
important.c. Thirty five percent said that the trade facilitation provisions of the ATIGA are
“extremely” important.d. Over a third considered standards harmonization as “extremely” important.e. Only about a fifth of the firms surveyed regarded the goals of ATIGA “not”
or only a “little” important. Open trade is critical to businesses operating inASEAN.
2. Remove restrictions on services, particularly on skilled workers in the serviceindustry, crossing borders.
a. Many respondents consider removing restrictions on services, includingASEAN priority services of health care, air transport, tourism, and e-ASEAN,as either “extremely” or “quite” important.
b. Most interestingly, nearly half said the free flow of skilled labor across bordersto provide services is “extremely” or “quite” important. Moving skilledworkers around the region is important for ASEAN-focused serviceproviders.
3. Ratify and implement the ASEAN Comprehensive Investment Agreement (ACIA).a. Over 60% of the respondents pointed to the harmonization of investment
policies and streamlining application procedures as “extremely” or “quite”important.
b. Almost 60% considered free and open investment and extending nationaltreatment and most favored nation as “extremely” or “quite” important.
c. Just a little less considered investment protection as “extremely” or “quite”important.
d. Clearly, ACIA’s provisions are welcomed by businesses and could help boostinvestment.
4. Give more attention to framework conditions for doing business.a. Bilateral tax treaty agreements to avoid double taxation is the issue that is
“extremely important” to the most firms who participated in the survey(43.2% of respondents). Tax treaties should be a priority work area, but theyhave not received much attention.
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b. Competition policy is “extremely or quite” important to almost two-thirds ofthe respondents. ASEAN Guidelines on Competition policy are a welcomedstep to increase attention on the importance of competition policy.
c. Similarly, fostering better awareness of the importance of intellectual propertyrights (IPR) is important to almost all firms.
d. E-commerce, harmonizing the legal infrastructure for electronic contracting,and dispute resolution is regarded as “extremely” or “quite” important fornearly two-thirds of the firms.
e. Infrastructure policies to facilitate land, maritime, and air transport are alsoimportant to a majority of firms.
5. Devote attention to capital markets although these may be either of interest only tofinancial firms or a more distant benefit of the AEC compared to trade, services,investment, and framework conditions.
a. Many firms believe that capital market developments are “quite” important,but not to the same extent of the other objectives of the AEC.
Bottom line: ASEAN is on the right track to create an Economic Community that willmake a difference to businesses, investment, trade, and economic growth. This prompts usto suggest that (a) ASEAN and Member Countries should waste no time and proceed toimplement these agreements; (b) the Secretariat should be diligent in monitoring andreporting progress to ministers; and (c) ministers and leaders should set clear milestonesand take any necessary corrective action to ensure that implementation is on track.
Creation of the AEC will help businesses and help each ASEAN Member Country realizegreater economic growth to the benefit of its people. We hope that next year’s survey onimplementation will tell us that the ministers and leaders understand the practicalimportance of the goals they have set for themselves.
Details about the questions and company responses are listed in the pages that follow. The
Chamber sent the survey questions to over 1,000 companies including around 300 U.S.
Fortune 500 companies working in or interested in Asia. These firms contribute to over
US$187billion in annual trade between the U.S. and ASEAN, and US$123billion in U.S.
foreign direct investment *. For all these companies, Asia represents the fastest growing
share of their business.
This questionnaire is the second annual survey by the U.S. Chamber of Commerce of U.S.company views about ASEAN economic integration. Last year’s survey focused onindividual countries and measured how companies perceived their governments were doingin such areas as eliminating tariff barriers, liberalizing their investment regimes, meetingtheir goals of allowing foreign equity investment in priority services sectors, automating
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their cargo clearance procedures, and so on. To view last year’s results, please visitwww.uschamber.com/international/asia/southeastasia/asean.
If you have questions regarding this survey, please contact Natalie Obermann atnobermann@uschamber.com or 202-463-5652.
*(www.ustr.gov)
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Question 1 Does your company expectASEAN region over the next five years?
Over half the U.S. companies responding to the survey said they would increase theirwith or investments in the region by at least 20% over the next five years.
Question 2 ASEAN has the goal to achieve a single market and a singleproduction base. Does your company have an ASEANdepartment) that takes into account ASEAN's goals?
Some 6% of companies responding said they based their company strategy in the region“fully” on ASEAN’s commitmentso “somewhat” or “considerably
Does your company expect to increase trade and investment in theASEAN region over the next five years?
Over half the U.S. companies responding to the survey said they would increase theirinvestments in the region by at least 20% over the next five years.
has the goal to achieve a single market and a singleDoes your company have an ASEAN strategy (or ASEAN
that takes into account ASEAN's goals?
Some 6% of companies responding said they based their company strategy in the region’s commitment to form a single market, while another 70% said they do
“somewhat” or “considerably.”
to increase trade and investment in the
Over half the U.S. companies responding to the survey said they would increase their tradeinvestments in the region by at least 20% over the next five years.
has the goal to achieve a single market and a singlestrategy (or ASEAN
Some 6% of companies responding said they based their company strategy in the region, while another 70% said they do
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Question 3 ASEAN Member States have made legalwithin ASEAN to liberalize trade and investment, facilitate cross border trade,financial transactions, electronicstandards and other regulations.company to expand its business in ASEAN?
About 60% of the respondents said that ASEAN’s achieving its goals of bindingcommitments to liberalizing trade, facilitating crossstandards and other regulations
ASEAN Member States have made legally binding commitmentswithin ASEAN to liberalize trade and investment, facilitate cross border trade,financial transactions, electronic-based transactions and transport, and harmonizestandards and other regulations. Is achievement of these goals important for yourcompany to expand its business in ASEAN?
About 60% of the respondents said that ASEAN’s achieving its goals of bindingcommitments to liberalizing trade, facilitating cross-border trade, and harmonizingstandards and other regulations are “quite” or “extremely” important to their companies.
ly binding commitmentswithin ASEAN to liberalize trade and investment, facilitate cross border trade,
based transactions and transport, and harmonizeimportant for your
About 60% of the respondents said that ASEAN’s achieving its goals of bindingborder trade, and harmonizing
are “quite” or “extremely” important to their companies.
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Question 4 The ASEAN Trade in Goods Agreement contains legally bindingobligations on trade in goods.provisions to your company?
A. Tariff
Almost 60% of the respondents said that the tariff reduction and elimination goals of theASEAN Trade in Goods Agreement are “quite” or “extremely” important to theircompany’s operations in the region.
B
For two-thirds of the respondents, simplified rules of origin in the ASEAN Trade inGoods Agreement are “quite” or “extremely” important for theiroperations in Southeast Asia.
The ASEAN Trade in Goods Agreement contains legally bindingobligations on trade in goods. How would you rate the importance of its keyprovisions to your company?
. Tariff reduction and elimination
Almost 60% of the respondents said that the tariff reduction and elimination goals of theASEAN Trade in Goods Agreement are “quite” or “extremely” important to theircompany’s operations in the region.
B. Simplified rules of origin
thirds of the respondents, simplified rules of origin in the ASEAN Trade inGoods Agreement are “quite” or “extremely” important for their companies’
The ASEAN Trade in Goods Agreement contains legally bindingHow would you rate the importance of its key
Almost 60% of the respondents said that the tariff reduction and elimination goals of theASEAN Trade in Goods Agreement are “quite” or “extremely” important to their
thirds of the respondents, simplified rules of origin in the ASEAN Trade incompanies’ business
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C. Transparent, predictable import licensing
Over 63% of respondents said that the transparent and predictable import licensingprovisions in the ASEAN Trade in Goods Agreement are “quite” or “extremely”important to their companies.
(Single window for submission of data, use ofadvance rulings on classification/valuation, post
For 35% of the respondents, the trade facilitation provisions of the ASEAN Trade inGoods Agreement are “extremely important,” while for another 24% they are “qimportant.”
C. Transparent, predictable import licensing
er 63% of respondents said that the transparent and predictable import licensingprovisions in the ASEAN Trade in Goods Agreement are “quite” or “extremely”
D. Trade facilitation
(Single window for submission of data, use of Authorized Economic Operators,advance rulings on classification/valuation, post-entry audit)
, the trade facilitation provisions of the ASEAN Trade in“extremely important,” while for another 24% they are “q
er 63% of respondents said that the transparent and predictable import licensingprovisions in the ASEAN Trade in Goods Agreement are “quite” or “extremely”
Authorized Economic Operators,entry audit)
, the trade facilitation provisions of the ASEAN Trade in“extremely important,” while for another 24% they are “quite
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E. Harmonization of standards that are established in an open, transparent mannerand don’t create unnecessary obstacles to trade.
Almost two-thirds of companies responding said that the harmonization of standardsprovisions in the ASEAN Trade in Goods Agreement are “extremely” or “quite”important to their operations.
Harmonization of standards that are established in an open, transparent mannerand don’t create unnecessary obstacles to trade.
thirds of companies responding said that the harmonization of standardsAN Trade in Goods Agreement are “extremely” or “quite”
Harmonization of standards that are established in an open, transparent manner
thirds of companies responding said that the harmonization of standardsAN Trade in Goods Agreement are “extremely” or “quite”
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Question 5 ASEAN services liberalization follows the WTO's General Agreementon Services (GATS) model with each ASEAN Member Country "scheduling"commitments according to modes of delivery (crossconsumers, commercial presence, and movement ofthe ASEAN Framework Agreement on Services.importance for your company of the following commitments that ASEAN MemberCountries have made in the ASEAN Economic Community (AEC) blueprint:
A. Removal of substantially all restrictions on priority services (air transport,tourism, e-ASEAN, healthcare by 2010, and logistics services by 2013).
Roughly 44% of respondents said that removing the restrictions on priority services are“extremely” or “quite” important to their companies.
ASEAN services liberalization follows the WTO's General Agreementon Services (GATS) model with each ASEAN Member Country "scheduling"commitments according to modes of delivery (cross-border, movement ofconsumers, commercial presence, and movement of natural persons (sellers) under
ork Agreement on Services. How would you rate theimportance for your company of the following commitments that ASEAN MemberCountries have made in the ASEAN Economic Community (AEC) blueprint:
ubstantially all restrictions on priority services (air transport,ASEAN, healthcare by 2010, and logistics services by 2013).
Roughly 44% of respondents said that removing the restrictions on priority services aretant to their companies.
ASEAN services liberalization follows the WTO's General Agreementon Services (GATS) model with each ASEAN Member Country "scheduling"
border, movement ofnatural persons (sellers) under
would you rate theimportance for your company of the following commitments that ASEAN MemberCountries have made in the ASEAN Economic Community (AEC) blueprint:
ubstantially all restrictions on priority services (air transport,ASEAN, healthcare by 2010, and logistics services by 2013).
Roughly 44% of respondents said that removing the restrictions on priority services are
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B. Allow for foreign (ASEAN) equity participation of not less than 70% by 2010in air transport, tourism, e
Almost 40% of those responding said that being allowed equitythan 70% in air transport, tourism, healthcare, and logistics was “quite” or “extremely”important to their firm’s operations in ASEAN.
C. Removal of substantially all restrictions in all other services (except financial
A little over 40% of the respondents said that removing restrictions in services by 2015 waseither “quite important” or “extremely important” to their company.
Allow for foreign (ASEAN) equity participation of not less than 70% by 2010in air transport, tourism, e-ASEAN, and healthcare, and by 2013 for logistics.
Almost 40% of those responding said that being allowed equity participation of not lessthan 70% in air transport, tourism, healthcare, and logistics was “quite” or “extremely”important to their firm’s operations in ASEAN.
Removal of substantially all restrictions in all other services (except financialservices) by 2015.
respondents said that removing restrictions in services by 2015 waseither “quite important” or “extremely important” to their company.
Allow for foreign (ASEAN) equity participation of not less than 70% by 2010ASEAN, and healthcare, and by 2013 for logistics.
participation of not lessthan 70% in air transport, tourism, healthcare, and logistics was “quite” or “extremely”
Removal of substantially all restrictions in all other services (except financial
respondents said that removing restrictions in services by 2015 was
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D. Promote the free flow of skilled labor across border to provide services.
For half of the companies responding, it was “extremely” or “quioperations in ASEAN that the free flow of skilled labor be allowed to provide servicesacross the region.
D. Promote the free flow of skilled labor across border to provide services.
companies responding, it was “extremely” or “quite” important to theiroperations in ASEAN that the free flow of skilled labor be allowed to provide services
D. Promote the free flow of skilled labor across border to provide services.
te” important to theiroperations in ASEAN that the free flow of skilled labor be allowed to provide services
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Question 6 ASEAN has signed a new ASEAN ComprehensiveAgreement (ACIA) that applies to manufacturing, agriculture, fishery, forestry, andmining sectors. The ACIA awaits ratification by two more Member Countriesbefore taking effect. How would you rate the importance of the objectives of theACIA to your company?
A .Investment protection, including investor state dispute settlement, transfer ofcapital and proceeds, and compensation.
For almost 55% of the respondents, the investment protections, including investor statedispute settlement, in the ASEAN Comprehe“extremely important” or “quite important
has signed a new ASEAN Comprehensive InvestmentAgreement (ACIA) that applies to manufacturing, agriculture, fishery, forestry, andmining sectors. The ACIA awaits ratification by two more Member Countriesbefore taking effect. How would you rate the importance of the objectives of the
A .Investment protection, including investor state dispute settlement, transfer ofcapital and proceeds, and compensation.
55% of the respondents, the investment protections, including investor statedispute settlement, in the ASEAN Comprehensive Investment Agreement are
important” or “quite important” to their business in the region.
InvestmentAgreement (ACIA) that applies to manufacturing, agriculture, fishery, forestry, andmining sectors. The ACIA awaits ratification by two more Member Countriesbefore taking effect. How would you rate the importance of the objectives of the
A .Investment protection, including investor state dispute settlement, transfer of
55% of the respondents, the investment protections, including investor statensive Investment Agreement are either
region.
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B. Investment facilitation and cooperation, including harmonization of
investment policies, streamlining procedures for applications and approvals, and
promoting the dissemination of information on investment.
Over 60% of the companies respondingstreamlining investment application procedures are
C. Investment liberalization, including progressive opening of regimes to
achieve free and open investment, extending non
as national treatment and most
Achieving free and open investment and extending national treatment and mostnation treatment was “extremely,” “quite,”companies responding.
tation and cooperation, including harmonization of
investment policies, streamlining procedures for applications and approvals, and
promoting the dissemination of information on investment.
ver 60% of the companies responding said that harmonization of investment policies andpplication procedures are “extremely” or “quite” important.
Investment liberalization, including progressive opening of regimes to
achieve free and open investment, extending non-discriminatory treatment
as national treatment and most-favored nation treatment to investors in ASEAN.
chieving free and open investment and extending national treatment and mostnation treatment was “extremely,” “quite,” or “moderately important” to nearly 80% of
tation and cooperation, including harmonization of
investment policies, streamlining procedures for applications and approvals, and
promoting the dissemination of information on investment.
investment policies and“extremely” or “quite” important.
Investment liberalization, including progressive opening of regimes to
discriminatory treatment such
favored nation treatment to investors in ASEAN.
chieving free and open investment and extending national treatment and most-favoredto nearly 80% of the
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Question 7 ASEAN Finance Ministers have committed to a work plan under theASEAN Economic Community (AEC) blueprint.importance of the following to your business?
A. Strengthening capital marketharmonization of offering rules for debt securities, disclosure requirements, and
Strengthening capital market development and harmonizing offering rules for debtsecurities was “extremely importaanother 16% of those who participated in the survey.
ASEAN Finance Ministers have committed to a work plan under theASEAN Economic Community (AEC) blueprint. How would you rate theimportance of the following to your business?
A. Strengthening capital market development and integration throughharmonization of offering rules for debt securities, disclosure requirements, and
distribution rules.
Strengthening capital market development and harmonizing offering rules for debtsecurities was “extremely important” to 21% of the companies and “quite important” toanother 16% of those who participated in the survey.
ASEAN Finance Ministers have committed to a work plan under theHow would you rate the
development and integration throughharmonization of offering rules for debt securities, disclosure requirements, and
Strengthening capital market development and harmonizing offering rules for debtand “quite important” to
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B. Establishment of stock exchange and debt market linkages, including cross
For 41% of the companies responding to thethe borders of ASEAN through stock exchange and debt market linkages was “quite” or“extremely important.”
C. Greater capital mobility through fewer restrictions on the capital account.
Greater capital mobility through fewer restrictions on the capital account was “quite” or“extremely” important to nearly 55% of those responding.
. Establishment of stock exchange and debt market linkages, including crossborder raising of capital.
For 41% of the companies responding to the questionnaire the ability to raise capital acrossthe borders of ASEAN through stock exchange and debt market linkages was “quite” or
Greater capital mobility through fewer restrictions on the capital account.
mobility through fewer restrictions on the capital account was “quite” or” important to nearly 55% of those responding.
. Establishment of stock exchange and debt market linkages, including cross
questionnaire the ability to raise capital acrossthe borders of ASEAN through stock exchange and debt market linkages was “quite” or
Greater capital mobility through fewer restrictions on the capital account.
mobility through fewer restrictions on the capital account was “quite” or
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Question 8 The AEC contains commitments to improve conditions for doingbusiness in ASEAN. How would you rate the imporbusiness?
(ASEAN has adopted regional guidelines on competition policy and plans tointroduce competition policy in all ASEAN Member Countries by 2015).
Almost two-thirds of the respondents said that ASEAN’s commitment in the AEC toimprove competition policy was “quite” or “extremely” important.
C contains commitments to improve conditions for doingHow would you rate the importance of the following to your
A. Competition policy(ASEAN has adopted regional guidelines on competition policy and plans to
introduce competition policy in all ASEAN Member Countries by 2015).
thirds of the respondents said that ASEAN’s commitment in the AEC toimprove competition policy was “quite” or “extremely” important.
C contains commitments to improve conditions for doingtance of the following to your
(ASEAN has adopted regional guidelines on competition policy and plans tointroduce competition policy in all ASEAN Member Countries by 2015).
thirds of the respondents said that ASEAN’s commitment in the AEC to
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B. Intellectual Property Rights, including foster better public awareness about thecontribution of IP industries to competitiveness and economic development and
coordination, predictability, and capacity building to protect IP.
Fostering better public awareness about the contribution ofbolster competitiveness and economic development is “moderately,” “quite,” or“extremely” important to over 95% of the companies responding to the questionnaire.
. Intellectual Property Rights, including foster better public awareness about thetries to competitiveness and economic development and
coordination, predictability, and capacity building to protect IP.
Fostering better public awareness about the contribution of intellectual property rightsbolster competitiveness and economic development is “moderately,” “quite,” or“extremely” important to over 95% of the companies responding to the questionnaire.
. Intellectual Property Rights, including foster better public awareness about thetries to competitiveness and economic development and
coordination, predictability, and capacity building to protect IP.
roperty rights tobolster competitiveness and economic development is “moderately,” “quite,” or“extremely” important to over 95% of the companies responding to the questionnaire.
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C. Infrastructure development:
I. Implementation of agreements to facilitate land tran(Agreement on Facilitation of Goods in Transit, Agreement on Multimodal
Transport, and Agreement on Facilitation of Inter
Implementing agreements to facilitate land transport such as the Agreement on theFacilitation of Goods in Transport is “quite” or “extremely” important to just under 60%of those companies that responded.
(Implement International Maritime Organization Conventions and adopt aframework for an ASEAN Single Shipping Market)
For 49% of the respondents implementing maritime transport agreements such as theInternational Maritime Organization Conventions are “extremely” or “quite” important.
. Infrastructure development:
. Implementation of agreements to facilitate land transport(Agreement on Facilitation of Goods in Transit, Agreement on Multimodal
Transport, and Agreement on Facilitation of Inter-State Transport).
Implementing agreements to facilitate land transport such as the Agreement on theTransport is “quite” or “extremely” important to just under 60%
of those companies that responded.
II. Maritime transport(Implement International Maritime Organization Conventions and adopt a
framework for an ASEAN Single Shipping Market)
the respondents implementing maritime transport agreements such as theInternational Maritime Organization Conventions are “extremely” or “quite” important.
sport(Agreement on Facilitation of Goods in Transit, Agreement on Multimodal
State Transport).
Implementing agreements to facilitate land transport such as the Agreement on theTransport is “quite” or “extremely” important to just under 60%
(Implement International Maritime Organization Conventions and adopt a
the respondents implementing maritime transport agreements such as theInternational Maritime Organization Conventions are “extremely” or “quite” important.
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(Implement ASEAN Open Sky Policy and Single Aviation Market)
Air transport agreements such as the ASEAN Open Sky Policy and Single Aviation Marketare “extremely” or “quite” important to 49% of the companies responding to the survey.
(Complete the network of bilateral agreements on avoidance of double taxation
among
Completing the bilateral agreements on avoiding double taxation among member countrieswas “extremely important” to 43% of the companies and “quite important” to another30%.
III. Air transport(Implement ASEAN Open Sky Policy and Single Aviation Market)
agreements such as the ASEAN Open Sky Policy and Single Aviation Marketare “extremely” or “quite” important to 49% of the companies responding to the survey.
D. Taxation
omplete the network of bilateral agreements on avoidance of double taxation
among all Member Countries)
Completing the bilateral agreements on avoiding double taxation among member countriesto 43% of the companies and “quite important” to another
(Implement ASEAN Open Sky Policy and Single Aviation Market)
agreements such as the ASEAN Open Sky Policy and Single Aviation Marketare “extremely” or “quite” important to 49% of the companies responding to the survey.
omplete the network of bilateral agreements on avoidance of double taxation
Completing the bilateral agreements on avoiding double taxation among member countriesto 43% of the companies and “quite important” to another
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(Harmonize the legal infrastructure for
For nearly two-thirds of the companiescontracting and dispute resolution was “extremely” or “quite” important.
E. E-Commercearmonize the legal infrastructure for electronic contracting and dispute
resolution)
of the companies, harmonizing the legal infrastructure for electroniccontracting and dispute resolution was “extremely” or “quite” important.
electronic contracting and dispute
, harmonizing the legal infrastructure for electronic
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