Prospects for Applying the Experience of Financial Cooperation within the ASEAN + Russia Framework

Author:

Anosova L. A.1,Kabir L. S.2

Affiliation:

1. Social Sciences Division of the Russian Academy of Sciences

2. Financial Research Institute of the Ministry of Finance of the Russian Federation

Abstract

Aim. The presented study aims to summarize the experience of ASEAN countries in the harmonization of national legislations regulating the financial markets of the Association’s individual member states and to systematize approaches used by this regional bloc when building cooperation in the financial sector within the ASEAN + framework.Tasks. The authors analyze an association’s experience of coordinating a financial market regulation policy among a group of countries; examine the experience of ASEAN’s financial cooperation with other countries within the ASEAN + framework, primarily with the region’s leading countries — China, Japan, and the Republic of Korea; assess the current level of financial and trade interaction between Russia and ASEAN member states (ASEAN + Russia framework).Methods. This study uses general scientific methods of cognition to examine various aspects of the financial market integration policy of ASEAN member states, trends in the current state and development of the pursued policy, and major directions for its modernization.Results. ASEAN countries have devoted considerable time to building relations in the field of financial market integration. However, this process has not reached the level of development that would indicate a significant breakthrough in the convergence of financial regulation or progress in the harmonization of national legislations of ASEAN member states. At the current stage of development, the pace of financial integration is slowing down. ASEAN countries have developed a structure of international financial relations, where developed countries and multinational companies play a significant role. In these circumstances, key ASEAN partners have to compete in order to change the established relations. The current results of cooperation within the ASEAN + framework do not provide a clear indication of its effectiveness.Conclusions. Since Russia’s financial cooperation with ASEAN countries is currently at the stage of formation, obtaining results from its development requires more active efforts to create an institutional environment for cooperation and finding promising projects and junction points for its development.

Publisher

Saint-Petersburg University of Management Technologies and Economics - UMTE

Reference15 articles.

1. Anosova L.A., Kabir L.S. Monetary policy of ASEAN countries in the context of financial globalization. Ekonomika i upravlenie = Economics and Management. 2016;(1):4-11. (In Russ.).

2. Yean T.S. ASEAN Trade in Services Agreement (ATISA): Advancing services liberalization for ASEAN? ISEAS Yusof Ishak Institute Perspective. 2019;(54). URL: https://www.iseas.edu.sg/wp-content/uploads/pdfs/ISEAS_Perspective_2019_54.pdf (accessed on 15.09.2020).

3. 1995 ASEAN Framework Agreement on Services. Signed in Bangkok, Thailand on 15 December 1995. Centre for International Law. URL: https://cil.nus.edu.sg/wp-content/uploads/2017/07/1995-ASEAN-Framework-Agreement-on-Services.pdf (accessed on 15.09.2020).

4. ASEAN Economic Community Blueprint. Jakarta: Association of Southeast Asian Nations (ASEAN); 2008. 56 p. URL: https://asean.org/wp-content/uploads/archive/5187-10.pdf (accessed on 15.09.2020).

5. De Jesus F.L.B., Torres E.A. Analysis of the ASEAN Banking Integration Framework: the Philippines as a looking glass for consumer preference. Journal of Global Entrepreneurship Research. 2017;7(1):24. DOI: 10.1186/s40497-017-0082-2

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