Law experts: integrate legal systems in ASEAN countries to benefit business

Three members of the SMU School of Law faculty – Professor Locknie Hsu, Associate Professor Pearlie Koh and Associate Professor Yip Man – who were involved in a research study on The Legal Barriers to Doing Business in ASEAN since 2016, released their interim report yesterday. Prof Hsu, who led the study, said that with the formation of the AEC in December 2015 being a key milestone for regional economic integration, there are still many legal barriers in ASEAN which impact on the region’s overall pace of business development. She explained that the complex legal systems bring about business uncertainties and costs, thereby limiting ASEAN companies’ motivation to expand in the region. Assoc Prof Koh said that ASEAN countries can consider a common set of criteria for company registration, such as using the same form and setting up an online databank of registered companies. “Some recommendations may be idealistic, but our objective is to enhance the connectivity between ASEAN companies and to promote the exchange of information,” Prof Koh said. Prof Hsu also pointed out the importance of linking e-commerce, logistics, financial services and infrastructure services sectors for liberalisation. In putting together the interim report, the research team had conducted Roundtable discussions in Manila, Bangkok and Ho Chi Minh City with law academics, business representatives and regulators.