Page 40 - ELITE PLUS MAGAZINE VOL7

What we are going to achieve is a single law to be used among10 countries in termsFor Suthad Setboonsarng, an academic and business consultant working on ASEAN issues, the main changes after December 31 will be legal matters. “What we are going to achieve is a single law to be used among 10 countries in terms of trade, service and labour flow,” said Mr Suthad. “If you have the sameFor now, 75% of Thailand’s trade volume is with countries outside the AEC. But the AEC has the potential to become an important player in the world economy when the bloc joins forces and works with other countries in Asia. Mr Suthad predicts that economic giants such as the US and EU will be more “inward” in the next five to 10 years and trade among Asia countries will increase.of trade, service and labour law, you will be able to harmonise“Finally ASEAN and East Asian countries will work as a group, with India on board,” said Mr Suthad, who is also a member of the board of BANPU, one of Thailand’s biggest energy companies.flow. If you have the samethe market. Those laws are not perfectbut at least they give you a pin to hang law, you will be able your hats on.”to harmonise the marketHis view is that Thailand may not profit from the single market as expected, and countries outside theFor Apichai Sunchindah, business consultant on ASEAN and AECand trade in Southeast Asia. The third layer is that the AEC will serve as a springboard for expanding trade in the broader Asia-Pacific. So far Thailand has already completed 72% of the AEC blueprint process, including revision of laws and policymaking.region will benefit more from the AEC.ASEAN can serve as a catalyst for this, especially in boosting trade between archrivals Japan and China.38 Elite+