‘Asean must relook im­ple­men­ta­tion of non-tar­iff bar­ri­ers’

The Sun (Malaysia) - - SUNBIZ -

KUALA LUMPUR: Asean mem­ber coun­tries need to relook the im­ple­men­ta­tion of non­tar­iff bar­ri­ers to en­sure that they do not re­strict the en­try of for­eign com­pa­nies.

In­sti­tute of Democ­racy and Eco­nomic Af­fairs (Ideas) CEO Wan Sai­ful Wan Jan said al­though the tax rates for ex­ports and im­ports have been re­duced to near zero, in­vestors have un­know­ingly im­posed new re­stric­tions in ef­forts to pro­tect lo­cal in­dus­tries.

“Cur­rently, Asean func­tions as an en­tity with­out a cen­tral com­mand centre. The mem­bers adopt poli­cies based on their re­spec­tive in­ter­ests and they have to en­ter­tain de­mand from lo­cal stake­hold­ers.

“As a re­sult, al­though the ac­tual tar­iffs had been re­duced to near zero, many new re­stric­tions have been in­tro­duced which dampen the in­ter­ests of for­eign en­trepreneurs and in­vestors from in­vest­ing the coun­try,” Wan Sai­ful told re­porters at the Asean Eco­nomic In­te­gra­tion Fo­rum 2016 here yes­ter­day. – Ber­nama

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