ACCA Holds President's Debate On Challenges Ahead Of AEC

KUALA LUMPUR, April 11 (Bernama) -- The Association of Chartered Certified Accountants (ACCA) organised its President’s Debate on April 6 on the challenges ahead for the ASEAN Economic Community (AEC). Its President Alexandra Chin said the organisation was delighted that Malaysia hosted this year’s debate, held to better understand the similarities and differences between the European Union (EU) and ASEAN. Quoting Minister in the Prime Minister’s Department Senator Abdul Wahid Omar, she said that Malaysia is an integral part of the AEC. "In his keynote presentation, he said the opportunities of an integrated ASEAN are great if all the set objectives are aligned and plans are followed through," Chin said in a statement Monday. "However, Abdul Wahid believed that there is no need for ASEAN to integrate to the extent of the EU model given how the member states would like to preserve their sovereignty at present, so a system of supranational institutions like the European Parliament and the European Court, and the concept of a single currency are not feasible options," Chin said. Meanwhile, Ministry of International Trade and Industry (MITI) Deputy Secretary General (Trade) Isham Ishak said the architecture of the EU model holds many similarities in terms of integration, close relationships and open borders -- all of which Malaysia aspires to achieve for ASEAN. "The EU has provided us with a lot of research, best practices and benchmarks to guide our way into ASEAN integration," he said. Isham said the challenge for ASEAN lies in the lack of funding and an overburdened secretariat, while the continued existence of non-tariff barriers is affecting the speed of integration. However, Senior Adviser on EU-ASEAN and ARF Alternate Senior Official Asia Pacific Department, European External Action Service, Dr Steven Everts said doubling the workforce of the ASEAN Secretariat can free them from organising meetings and writing reports to monitoring the implementation of existing agreements. A central set of people is needed to look after this crucial aspect, he said. "What would be useful is having a group of people who are independent from the member states to develop proposals for ASEAN as a whole who look after the common interest," Everts said. -- BERNAMA