Asean must relook implementation of non-tariff barriers: Ideas CEO

KUALA LUMPUR: Asean member countries need to relook the implementation of non-tariff barriers to ensure that they do not restrict the entry of foreign companies.
Institute of Democracy and Economic Affairs (Ideas) CEO Wan Saiful Wan Jan said although the tax rates for exports and imports have been reduced to near zero, investors have unknowingly imposed new restrictions in efforts to protect local industries.
“Currently, Asean functions as an entity without a central command centre. The members adopt policies based on their respective interests and they have to entertain demand from local stakeholders.
“As a result, although the actual tariffs had been reduced to near zero, many new restrictions have been introduced which dampen the interests of foreign entrepreneurs and investors from investing the country,” Wan Saiful told reporters at the Asean Economic Integration Forum 2016 here yesterday. – Bernama