Asia's legal framework has to be trade-ready
Small but key steps are being taken to harmonise the widely varying laws on competition, consumer protection and intellectual property.
THE launch of the Asian Infrastructure Investment Bank next year and the growing number of Asian nations signing on as its members is to be welcomed - not just for the reason that it will help address the immense infrastructure investment needs of Asia, but for the fact that a number of Asian governments are coming together, displaying a deepened spirit of collaboration and commitment towards a shared Asian growth agenda.
Such coordinated action will be essential to address a number of pan-Asian challenges. Over the next few decades, as Asia becomes an even more important engine of world growth and intra-Asian trade assumes significant proportions, one such challenge will be to significantly upgrade the legal infrastructure that supports and facilitates Asian cross-border trade and investment flows.
Asian legal diversity
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