scholarly journals Harmonization of Laws on Electronic Contracts Based on International Instruments for the ASEAN Economic Community

2021 ◽  
Vol 1 (1) ◽  
pp. 1
Author(s):  
Andrew Betlehn
Keyword(s):  
Legal Framework ◽  
Business Practices ◽  
Technological Advancement ◽  
Economic Community ◽  
Member States ◽  
Governmental Organization ◽  
Electronic Contracts ◽  
New Business ◽  
Asean Economic Community ◽  
International Transactions

<p>Technological advancement has created new business practices such as utilizing electronic contracts. Utilization of electronic contracts, especially in international transactions, has pushed countries around the world to impose new regulations defining the legalities of electronic instruments. Challenges arise considering the global and borderless nature of electronic transactions faced with regulations of different countries that are not in sync with each other. This is especially apparent in Member States of the ASEAN Economic Community. This paper attempts to discover the ideal legal framework for electronic contracts in the ASEAN Economic Community. Based on the research and analysis, it has been found that there is a need for a harmonized legal framework regarding electronic commerce that can be adopted unaltered by Member States of the ASEAN Economic Community, which could be drafted by the ASEAN as an inter-governmental organization.</p>

scholarly journals Regulating Fintech in the EU: the Case for a Guided Sandbox

2020 ◽  
Vol 11 (3) ◽  
pp. 604-629 ◽  
Author(s):  
Wolf-Georg RINGE ◽  
Christopher RUOF
Keyword(s):  
Business Models ◽  
Financial Regulation ◽  
Legal Framework ◽  
Business Practices ◽  
Eu Member States ◽  
Market Participants ◽  
New Business ◽  
Real Market ◽  
Regulatory Problems ◽  
The Eu

New financial technology holds the promise of innovation and competition, challenging established products and services and frequently improving market processes. However, regulation of these new services faces a double challenge: to keep pace with innovation and facilitate new market entries while at the same time understanding and managing the regulatory risks that are involved.At this stage, the existing EU regulatory framework is of little help: the bulk of the present body of financial regulation stems from a different time, with different regulatory problems in mind. EU regulation is also very slow to change and to adapt. Therefore, this paper proposes a regulatory “sandbox” – an experimentation space – as a step towards a regulatory environment where such new business models can thrive. A sandbox would allow market participants to test fintech services in the real market, with real consumers, but under the close scrutiny of the supervisor. The benefit of such an approach is that it fuels the development of new business practices and reduces the “time to market” cycle of financial innovation, while simultaneously safeguarding consumer protection. At the same time, a sandbox allows for mutual learning in a technical field which is sometimes poorly understood, both for firms and for the regulator. This would help to reduce the prevalent regulatory uncertainty for all market participants.In the particular EU legal framework with various layers of legal instruments, the implementation of such a sandbox is not straightforward. In this paper, we propose a “guided sandbox”, operated by the EU Member States, but with endorsement, support, and monitoring by EU institutions. This innovative approach would be somewhat uncharted territory for the EU, and thereby also contribute to the future development of EU financial market governance as a whole.

The ASEAN Economic Community (AEC): Myths and Realities

2015 ◽  
Vol 14 (2) ◽  
pp. 71-90 ◽  
Author(s):  
Deunden Nikomborirak
Keyword(s):  
Professional Associations ◽  
Economic Community ◽  
Private Companies ◽  
Member States ◽  
Trade Area ◽  
The Status ◽  
Single Production ◽  
Service Sectors ◽  
Asean Economic Community ◽  
Economic Regions

ASEAN is considered one of the most successful economic regions, because it managed to dismantle many of the tariff barriers among the ten member states. Its more ambitious goal, however—of becoming not only a single trade area, but also a single production base by the year 2015—appears elusive. The investment liberalization goals stipulated in the ASEAN Economic Community Blueprint, a roadmap for regional economic integration, is meek, indicating unwillingness of member states to open up their cosseted and, at times, lucrative, service sectors. Moreover, current commitments of member states do not even match up with such goals. To be able to establish a regional production base, member states will have to stand up against local interest groups that benefit from the status quo, be they large domestic state and private companies operating in key service sectors such as telecommunications, energy and finance, or professional councils or professional associations that would like to reserve jobs exclusively for their members. If not, the region will certainly gradually but surely lose its economic flair.

REALIZING AN ASEAN ECONOMIC COMMUNITY: PROGRESS AND REMAINING CHALLENGE

2016 ◽  
Vol 62 (03) ◽  
pp. 681-702 ◽  
Author(s):  
JAYANT MENON ◽  
ANNA CASSANDRA MELENDEZ
Keyword(s):  
Southeast Asian ◽  
Viet Nam ◽  
Economic Community ◽  
Member States ◽  
The Real ◽  
Asean Economic Community ◽  
National Constitution ◽  
Political Solidarity ◽  
Real Test

Launched as a political bloc and security pact in the aftermath of the Viet Nam War, the Association of Southeast Asian Nations (ASEAN) has evolved to embrace an ambitious economic agenda. Its latest project was the establishment of the ASEAN Economic Community (AEC) on 31 December 2015. Fulfilling these commitments would promote predictability in ASEAN, as well as strengthen its credibility. But to what extent has ASEAN met this deadline? The blueprint for achieving the goal envisages the AEC standing on four pillars and meeting the deadline depends on progress on each of them. Each pillar presents a demanding set of challenges to be met before the AEC can be fully realized. We find that although ASEAN has come a long way toward realizing its goal, considerable challenges remain. Accommodating AEC accords will not be easy when they require changes to domestic laws or even the national constitution. The flexibility that characterizes ASEAN cooperation, the celebrated “ASEAN way”, may hand member states a convenient pretext for non-compliance. How to enforce the accords remains an issue. If the AEC is to be more than a display of political solidarity, ASEAN must find a way to give the commitments more teeth. The real test for the community, therefore, will lie in the years ahead.

The ASEAN Economic Community: Deep Integration or Just Political Window Dressing?

2016 ◽  
Vol 5 (1) ◽  
pp. 25-47 ◽  
Author(s):  
Jörn Dosch
Keyword(s):  
Economic Integration ◽  
Regional Economic Integration ◽  
Foreseeable Future ◽  
Economic Community ◽  
Member States ◽  
Asean Member ◽  
Regional Market ◽  
Asean Economic Community ◽  
Deep Integration ◽  
Made In

AbstractOn 31 December 2015, the Association of Southeast Asian Nations (ASEAN) announced the establishment of the ASEAN Economic Community (AEC). In theory, this agreement has produced association-wide economic integration. However, following the announcement and for the foreseeable future, ASEAN member states will continue to have significantly less than full regional economic integration. Why? Some observers believe that the AEC plans involve an overly ambitious timeline and too many ill-thought-out initiatives. Others point to ASEAN's traditional aversion to legally binding agreements. While progress has been made in reducing or eliminating intra-ASEAN trade tariffs, substantial non-tariff barriers to trade persist. However, for most member states, the ASEAN market is relatively small, while external markets, especially China, are growing rapidly. Given this outward orientation for ASEAN trade, is the lack of an unhindered regional market really a problem?

scholarly journals Integration Processes In The Global Economy: Current State And Prospects. The Cases Of The European Union, ASEAN Economic Community, And NAFTA

2016 ◽  
Vol 19 (4) ◽  
pp. 47-65 ◽  
Author(s):  
Janina Witkowska
Keyword(s):  
European Union ◽  
Global Economy ◽  
Global Financial Crisis ◽  
The European Union ◽  
Negative Consequences ◽  
Economic Community ◽  
Member States ◽  
Current State ◽  
Asean Economic Community ◽  
The Eu

The aim of the paper is to determine the current state of the integration processes in the global economy and prognosticate on the foreseeable changes in this phenomenon in the upcoming. Will they be divergence from or continuity with the past trends in the global economy in this field? The article examines three regional integration groupings, i.e. the European Union, ASEAN Economic Community, and NAFTA. The analysis makes it possible to conclude that all of these groupings/organizations are encountering some problems. In the case of the EU, these are mainly: the two – speed integration process as far as a monetary union is concerned; serious negative consequences of the global financial crisis for the socio-economic cohesion of the EU-28; as well as a worsening position in the world trade in goods and services and in the total global gross capital inflows. The problems of the ASEAN Economic Community seem to be connected with some discrepancies between the political will in favour of deepening integration among member states and the real economic difficulties involved in attaining higher stages of integration among a group of countries extremely differentiated in their economic development. NAFTA’s problems also lie in the asymmetrical development between member states, as well as in the lessening importance of the integration within the organization for the member states, which results from the putting into effect numerous other FTAs. The growing openness of all the analyzed integration groupings, being in line with the globalization process, seems to be a future characteristic of integration processes in the global economy.

scholarly journals STRATEGI PERUSAHAAN LOKAL MENGHADAPI PERSAINGAN MASYARAKAT EKONOMI ASEAN (MEA)

2018 ◽  
Vol 1 (02) ◽  
pp. 23-32 ◽  
Author(s):  
Johanes Jenu Widjaja Tandjung
Keyword(s):  
South Korea ◽  
Marketing Strategy ◽  
Domestic Market ◽  
Global Approach ◽  
Economic Community ◽  
Member States ◽  
Asean Member ◽  
Regional Competition ◽  
Asean Economic Community ◽  
Foreign Competitors

Business competition in Indonesia has entered a new chapter, immediately upon the ASEAN Economic Community establishment in 2015. Since then, the domestic market has been penetrated by foreign competitors, particularly from ASEAN member states, China, and South Korea. It is inevitable that the regional competition impinges local business lines. Therefore, these enterprises must initiate “glocally” marketing strategy - a global approach with a local taste that attracts local prospects.

Data Localization and ASEAN Economic Community

2019 ◽  
Vol 10 (1) ◽  
pp. 158-180
Author(s):  
Benjamin WONG
Keyword(s):  
Moderate Level ◽  
Economic Community ◽  
Member States ◽  
Asean Member ◽  
Recent Developments ◽  
Asean Economic Community ◽  
The Eu

AbstractData localization is a phenomenon that is of increasing global significance, as a growing number of countries impose data localization requirements on data controllers. This paper discusses data localization in the ASEAN context. It proposes a schema of data localization laws which comprises two categories of data localization requirements. This schema is used to examine data localization laws within ASEAN, and it will be shown that there is presently a moderate level of data localization among ASEAN Member States. The paper then discusses how data localization is dealt with in the EU and in ASEAN, addressing some recent developments in the two regimes. It concludes with recommendations for ASEAN's approach to data localization, drawing from the EU regime.

scholarly journals MENUJU MASYARAKAT EKONOMI ASEAN 2015: ASPEK REGIONAL DAN IMPLIKASINYA TERHADAP HUKUM NASIONAL INDONESIA

2017 ◽  
Vol 24 (2) ◽  
pp. 111-123
Author(s):  
Budi Hermawan Bangun
Keyword(s):  
Regional Cooperation ◽  
Legal Reform ◽  
Legal Certainty ◽  
Economic Community ◽  
Member States ◽  
Asean Member ◽  
Asean Economic Community

ABSTRACT The enactment of the ASEAN Economic Community by 2015 as one pillars of the ASEAN Community, carrying implications for it member states. As one of ASEAN member, Indonesia should do legal reform-oriented guarantee and legal certainty to carry out the substance of the ASEAN agreements in the field of economics. Keywords: ASEAN Economic Community, regional cooperation, national law. ABSTRAK Berlakunya  Masyarakat Ekonomi ASEAN pada tahun 2015 sebagai salah satu pilar Komunitas ASEAN, membawa implikasi bagi negara-negara anggotanya. Sebagai salah satu anggota ASEAN, Indonesia harus melakukan pembaharuan hukum yang berorientasi pada jaminan dan kepastian hukum untuk melaksanakansubstansi dari perjanjian-perjanjian ASEAN di bidang ekonomi. Kata kunci: Masyarakat Ekonomi ASEAN, kerjasama regional, hukum nasional

scholarly journals TRADE LIBERALIZATION AND CONSUMER VULNERABILITY: A LEGAL FRAMEWORK ON LEGISLATIONS AND TESTING MECHANISM FOR ASEAN PRODUCT SAFETY DIRECTIVE

2017 ◽  
Vol 1 (1) ◽  
pp. 001
Author(s):  
Syed Sagoff Alsagoff ◽  
Rahmah Ismail
Keyword(s):  
Trade Liberalization ◽  
Free Trade Area ◽  
Legal Framework ◽  
The Philippines ◽  
Product Safety ◽  
Regional Stability ◽  
Member States ◽  
Trade Area ◽  
Determining Factors ◽  
Asean Economic Community

Since its inception in 1967 ASEAN has advanced in great leaps in the economic sector luring new member states into its pact. From a mere five member states (Malaysia, Indonesia, Thailand, Singapore and the Philippines) ASEAN has today managed to entice five other neighbouring states (Brunei 1984, Vietnam 1995, Laos & Myanmar 1997, Cambodia 1999) into its pact transforming itself into union of ten member states with a consumer population expected to exceed 600 million people. In order to ensure sustainability amid global challenges, member states have engrossed ASEAN Charter in 2007 with a view of creating an ASEAN Economic Community by 2015 that is robust, competitive and sustainable. At this juncture, ASEAN has to realize that like any trade liberalization initiatives, goods moved readily and freely throughout the free-trade area that is facilitated by a lucrative non-barrier tariffs incentives. This vision of a single market which creates a frontier without borders can prove to be advantageous to member states only if they have the required vehicle that is able to overcome the drawback of its progression through harmonization and synchronization efforts that is effective and successful. Like everything else, every advantage has some disadvantages attached to it. This article will address important determining factors that are crucial in the development and scope of proposed ASEAN Product Safety Directive including reviewing relevant determining factors such as regional stability, consumer protection legislations and standard and testing agencies of which one without the other will be incomplete. The proposals suggested in this article will strengthen and unite ASEAN in overcoming unsafe product issues at ASEAN level.

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