Services and Investment Liberalisation in ASEAN

Yap Lai Peng and Intan Murnira Ramli
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Intan Murnira Ramli: Economic Research Institute for ASEAN and East Asia (ERIA)

No 2024-RPR-18 in Books from Economic Research Institute for ASEAN and East Asia (ERIA)

Abstract: The gains from liberalisation within the ASEAN Economic Community (AEC) have been substantial. The integration and liberalisation measures implemented under the AEC have resulted in remarkable achievements for ASEAN. Over the past 2 decades, real GDP growth, per capita GDP, and foreign direct investment (FDI) inflows have experienced significant increases. Notably, the liberalisation of investment and services has attracted robust FDI inflows, accounting for an unprecedented 17.4% of global FDI in 2022. These advancements have steered ASEAN towards an economic structure where the services sector plays a dominant role, aligning with the trajectories of rapidly developing and industrialising economies. In this context, ASEAN's forthcoming phase necessitates a steadfast commitment to its integration agenda and the realisation of liberalisation objectives under the AEC. Particular emphasis should be placed on ensuring the attainment of targets for investment and services liberalisation, as these elements stand out as the primary drivers of current and future economic growth.

Date: 2024
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