The 3rd ASEAN-EU Business Summit (AEBS) was wrapped up in Ha Noi on March 9, with many proposals for future cooperation between ASEAN and the EU.
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ASEAN Economic Ministers and EU Commissioner for Trade attend the consultations at the 3rd ASEAN-EU Economic Summit, Ha Noi, March 9, 2013 |
The 3rd AEBS is aimed at strengthening direct dialogues between economic leaders and enterprises from ASEAN and the EU as well as raising awareness of business and investment chances in the two regions.
The event is an important part of the trade and investment agenda between ASEAN and the EU and a typical example for the public-private dialogue in ASEAN.
The Summit consisted of six topical sessions in which policy-makers and enterprises could make proposals to ASEAN Economic Ministers and the EU Trade Commissioner, centering on Agricultural economy, Automotive industry, Financial service, Information technology, Infrastructure-Connectivity, and Pharmaceuticals.
The most important section of the event was the consultations between the business community and ASEAN Economic Ministers and the EU Trade Commissioner. During this session, the Ministers and the EU Commissioner answered many questions from the business community and acknowledged their proposals which could be inserted in cooperation programs within ASEAN or between ASEAN and the EU.
Many significant proposals
At the consultations, representatives of six sectoral groups reported the results of discussions and propose their recommendations.
In agricultural economy, main proposals include: reducing import tax and non-tariff barrier; simplifying internal tax and rules in line with WTO regulations in order to create an equal playground for domestic goods and imports; defining technical standards and principles of product classification on the basis of internationally-recognized standards; and protecting intellectual property.
The EU and ASEAN should enhance their cooperation in the field of product safety, recognize their respective registration of agro-products, and export qualified infrastructure, including laboratories and inspection agencies.
Once the ASEAN Economic Community established in 2015, ASEAN can become the 6th largest automobile market by 2018, with estimated sales of 4.7 million vehicles, doubling the figure of 2.4 million gained in 2012. Thus, member countries should create more favorable conditions for investments in automotive industry by attaching auto products to UNECE standards, approving higher standards of fuel quality and gas emission, and improving quality of labor forces for the industry.
To develop powerful, competitive and sustainable financial services, the business community put forth four proposals: speeding up the integration of financial services, further opening the financial market for foreign competitors, developing and upgrading the ASEAN capital markets, and assisting small and medium-sized enterprises.
In information technology and telecommunication, all operators should have an equal playground and are licensed by a single National Regulatory Authority (NRA). Besides, it is necessary to encourage foreign investments into ICT and remove all restrictions against foreign investors.
Relating to infrastructure-connectivity, the business community called on the EU to support the ASEAN Logistic Roadmap and the Master Plan on ASEAN Connectivity through liberating and facilitating logistic services. ASEAN countries should make laws recognizing electronic documents and transactions. They should also simplify customs procedures through sharing electronic customs data.
Finally, in pharmaceuticals, the EU-ASEAN Pharmacy Consultative Group should be established to have discussions and solutions for any challenges. ASEAN should closely monitor risks relating to patients’ safety and should work with EU partners to remove these risks. ASEAN countries were suggested to lift restraints on foreign ownership in their pharmacy companies as well as on operations of foreign-owned companies./.