FRIDAY, March 29, 2024
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Asean ministers agree to further liberalisation of members' service sector

Asean ministers agree to further liberalisation of members' service sector

Thai service enterprises will have more opportunities to do business in Asean countries, thanks to the regional grouping having agreed to more service-sector liberalisation among member nations.

During the 46th Asean Economic Ministers Meeting, held in Nay Pyi Taw this week, member states are to sign an agreement under the ninth edition of service-sector liberalisation.
The agreement will become effective within 180 days of its being signed. Chutima Bunyapraphasara, permanent secretary of the Thai Commerce Ministry, said Asean countries would allow more service businesses to be liberalised, which would give Thai companies more investment opportunities elsewhere in the bloc, as well as allowing other member countries’ firms to do business in the Kingdom. 
Under the ninth edition, all Asean countries will allow more liberalisation in 101 businesses, including accountancy, boat reservations, international cruises, maritime shipping services, and online information services.
Chutima said the liberalisation of those businesses would not affect Thai enterprises’ competitiveness, as companies had insisted that they would not face problems due to their strength and high competitiveness. 
Moreover, Thailand already allows foreign investors to invest in those service businesses under Board of Investment rules and regulations, she added.
The official said that for Thai enterprises to reap full benefits from the agreement, they should invest in other Asean countries. Asean ministers also committed their countries to signing a mutual-recognition agreement for the acceptance of accounting professionals among member states. 
Under the agreement, Asean countries will accept one another’s regulations, discipline, ethics and standards in this field, so that each member state’s accountants will have more chance of getting work around the region.
Meanwhile, Asean ministers also urged all member states to make progress on the Asean Single Window, reduce or eliminate non-tariff barriers, and speed up RCEP (Regional Comprehensive Economic Partnership) negotiations so that Asean and its six partner countries can create the world’s largest free-trade area. 
Asean member countries this week have also discussed support for the development of small and medium-sized enterprises within the region, as well as promoting research and development, innovation and technology exchange.
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