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INTRODUCTION
On the 30th anniversary of the Association of Southeast Asian Nations, the
founding leaders of the ten member states agreed upon a program called the
ASEAN Vision 2015 which is a shared vision of the member states to live in a single
community called the ASEAN Community in peace, stability and prosperity. This
community will be guided by the three pillars: political, security community, socio
cultural community and economic community.
The Economic Community
The ASEAN Economic Community envisions the ASEAN community as a single
market and protection base, highly competitive economic region, region of equitable
economic development, and a region fully integrated into the global community.
From this pillar springs new development in the accountancy profession.
One of the aims and purposes of this community is the reduction of barriers
and costs of doing business transnational such as quotas, tariffs and other taxes
and the improvement of infrastructure to better facilitate the movement and freeflow of goods and labor. One implication of this is the free-flow of professional
services such as accounting and auditing across member states. But this movement
of services are restricted by some limitations.
The Mutual Recognition Agreement
This agreement provides for the allowed practice of foreign professional
accountants on a granting member state with some general requirements such as
the following:
place and status in the ASEAN Community. Matters such as these should be
considered and taken into account to ensure the success of the ASEAN Vision 2015.
II.
Only a few products registered moderately strong and strong intraindustry trade. Parts for television, radio, and radar apparatus show
strong integration. While office machines, typewriter and apparatus for
Healthcare
There was strong integration in the healthcare industry for
beauty, make-up and skin care preparation products and moderately
strong integration for medicaments.
Agro-based
There is a rapid exchange of products like malt extract, food
preparation,
fruits,
nuts,
prepared
or
preserved
and
tobacco,
Rubber-based
No trade was reported in most of the products and where trade
existed, it was either one-way or weak and mild exchanges.
Wood-based
No trade was reported in most of the products and where trade
existed, it was either one-way or weak and mild exchanges. An
exception to this occurred in toilet papers and similar household
sanitary items where a strong intra-industry trade occurred in Malaysia
in 2001.
Air Travel and Tourism
In 2008, restrictions on carrying passengers and cargoes to and
from one country to another has been completely removed. In 2009,
full liberalization of air freight services took effect. Lastly, full
liberalization on fifth freedom rights between all capital cities took
effect. Nationals of participant countries are free to travel as well
without the need for VISA.