Corporate and Regulatory Drivers
- New Horizons in International Business series
Edited by Philippe Gugler and Julien Chaisse
Chapter 6: The Harmonization of ASEAN: Competition Laws and Policy from an Economic Integration Perspective
Lawan Thanadsillapakul INTRODUCTION The rise and fall of Asia clearly reflects both the interdependence of the East Asian countries and the world economy and the impact of the changing global legal and economic environment on these countries. The ASEAN countries have gone through a volatile period and in response have embarked on a process of deeper integration1 to strengthen their regional economic self-reliance while committing themselves to an open market orientation. In Chapter 1, Julien Chaisse and Philippe Gugler look at ASEAN as a contributor for a global rebound from the current crisis. ASEAN has undeniably a role to play. Now Asia is again threatened by financial turmoil (Kawai, 2008). The trouble that began in the US in late 2007 and then spread to other regions has arrived at Asia’s shore. Fortunately, the region learned its lessons well from the crisis of a decade ago. Developing Asia’s governments have pursued sound macroeconomic policies, companies have strengthened balance sheets, and banks have reduced nonperforming loans. Most of the region’s economies are now fundamentally stable. And massive foreign exchange reserves will help ward off the worst of the crisis fallout. As scrutinized by Siow Yue Chia in Chapter 5, the necessity for ASEAN is to continue on the path of a direction dubbed ‘Open Regionalism’, which will balance regional integration and global liberalization. The ASEAN countries need to develop their sustainable regional market to replace the current separate national ASEAN markets, and to do so need to regionalize ASEAN laws and regulations,...
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