In October 2003, there has been a declaration
by the ASEAN Charter that the 10 economies of
ASEAN are expected to be integrated into one
economy as ASEAN Economic Community, or AEC,
by the year 2015. Still, the region is facing several
challenges for the integration. First, there are
concerns that the current crisis might slowdown
the regional integration process. However, regional
integration should continue in order to provide
protection from the global crisis through intraregional
trade. This can help improve regional’s
competitive strength through open trade, FDI
regimes, FTAs, and facilitative environment such
as regulatory standards, fi nancing systems, logistics,
and business procedure. Second, the increasing
cross border fi nancial transactions has raised the
importance of ASEAN capital market integration.
The ASEAN hopes to learn from the European
Monetary Union’s experience in many subjects,
such as capital fl ows, cross border mechanism and
standardized accounting, to create an environment
for integration. Third, there is a need for sustaining
regional growth dynamics and monitoring the
integration process to keep it on schedule. Financial
reporting system takes parts in the challenges of
the ASEAN integration. Accounting harmonization is
one of the vital facilitators for cross-border fl ows
of goods, services and capital.
In October 2003, there has been a declarationby the ASEAN Charter that the 10 economies ofASEAN are expected to be integrated into oneeconomy as ASEAN Economic Community, or AEC,by the year 2015. Still, the region is facing severalchallenges for the integration. First, there areconcerns that the current crisis might slowdownthe regional integration process. However, regionalintegration should continue in order to provideprotection from the global crisis through intraregionaltrade. This can help improve regional’scompetitive strength through open trade, FDIregimes, FTAs, and facilitative environment suchas regulatory standards, fi nancing systems, logistics,and business procedure. Second, the increasingcross border fi nancial transactions has raised theimportance of ASEAN capital market integration.The ASEAN hopes to learn from the EuropeanMonetary Union’s experience in many subjects,such as capital fl ows, cross border mechanism andstandardized accounting, to create an environmentfor integration. Third, there is a need for sustainingregional growth dynamics and monitoring theintegration process to keep it on schedule. Financialreporting system takes parts in the challenges ofthe ASEAN integration. Accounting harmonization isone of the vital facilitators for cross-border fl owsof goods, services and capital.
การแปล กรุณารอสักครู่..
