The speciality in investment law in AEC
Approaching the Association of Southeast Asia Nations: ASEAN due to Bangkok Declaration dated 8 August 2510. The five leaders were Thailand, Singapore, Malaysia, Indonesia, and Philippine. However, there are now further five states, Brunei, Vietnam, Burma, Loa, and Cambodia, and in the present the ASEAN combines ten states. The reasons behind the ASEAN foundation were to impede the communism and to stabilize the region when the time of cold war. After the period of cold war by the destruction of the communism of Union of Soviet and the region became into peace after Vietnam stopped an invasion in Cambodia, ASEAN extended a co-operation to the development of economics, socials, cultures, sciences, and academic matters.
In the economic aspect, in the beginning, cash crops and local careers in this area were similar, for example, rice, sugar, rubber, and fishing. Hence it was hard to obtain the co-operation from all the countries. Nonetheless, then there were investments in the region from outside, for instance, from Japan, South Korea, China, the USA, and the EU. This included the development in field of production technologies in most countries, making all extended limits of trade and investment.
Investment in AEC is an international investment which relies on specialities in both international law and domestic law in each ASEAN countries. Consequently, Legal Spirit researches and studies to increase its knowledge in AEC matters, especially the investment. Its legal team was invited to lecture the subject relating to AEC for leading industrial associates and also to advise in the matter of investment for an array of high-profiled companies., for instances, a copyright in AEC.
Legal Spirit has given its attention and times to studying about the investment in AEC. It studies and researches for developing and increasing the knowledge to its legal team to ensure clients that they will obtain full advantages from the services in the matters of AEC investment.
AEC institutes the goal that AEC will encourage the move of commodites, services, investments, finances, and skilled labors. The goal will occur competitions, then creating the development and strength to economic for the world stage.
The establishment of AEC has a plan called “AEC Blue print” which is a plan that determines the timetable and measure for building the AEC. The plan specifies the ASEAN as a market and a manufacturing base to the free moving of commodities, services, finances, investments and without impediment of trade such tax or others. This includes joint agreement in 8 service professions, namely, engineer, nurse, architecture, explorer, accountant, doctor, dentist, and tourism. The trade liberalization and investment under nation treatment and most favored nation cause the increase of foreign share-holders to companies, the benefits fall to Thai investors to invest in other ASEAN countries. Legal Spirit prepares legal services for Thai investors in order to extend their businesses to the ASEAN countries and also for foreign investors such as from China, South Korea, Japan, the USA, the EU.
Legal Spirit’s team studies with proficiency in ASEAN Comprehensive Agreement on Investment: ACIA 2009 which contains matters about the principle of the liberalization in 5 businesses—agriculture, fishery, forest, mine, and producing industry, including services related to those mentioned as well as businesses indicated by members. Furthermore, investment under ACIA may cover foreign direct investment and portfolio. The investors who may gain benefits are investors holding ASEAN nationality or not holding it but invest in substantive business operation in ASEAN countries, nevertheless, the ASEAN might institute an intention to set reserves for who holding ASEAN nationality. Thailand set it to investors outside ASEAN.
As above mentioned, we are fully prepared to the upcoming AEC in the investment areas and we are ready to assist you to your accomplishment of your businesses in AEC with our legal services.