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.
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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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