Professional Documents
Culture Documents
By
Dr. Sam Ghanty
Royal University of Law & Economics
February 22 & 24, 2014
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Dr. Sam GHANTY was the head of the finance program and
professor of Finance, Investments and Banking at the
University of Wisconsin (USA) from 1977 to 1996.
He worked for ADB and the World Bank from 1996 to 2004
as advisor and training coordinator at the National Bank of
Cambodia and Ministry of Economy and Finance.
He served as an independent member of the Board of
Directors for the Foreign Trade Bank of Cambodia (20012005), Canadia Bank (2006-2007) and Arial Global Group of
Singapore (2004-2007).
He currently serves as advisor at the National Accounting
Council (NAC) of the Ministry of Economy and Finance, a
member of the Board of Directors at the Securities and
Exchange Commission of Cambodia (SECC), a member of
the Board of Directors at the Parliamentary Institute of
Cambodia (PIC) and a member of the Board of Directors at
the Cambodian Public Bank.
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Presentation Outline
1. The vision on economic and financial integration
under the ASEAN Economic Community (AEC)
2. The areas of economic and financial integration and
its accomplishments as of 2013
3. The benefits and challenge for Cambodia in
engaging in the ASEAN Economic Community (AEC)
4. An examination of a case of Finance and Accounting
education and training in Cambodia
5. Conclusion
3
Core Vision
The AEC will transform ASEAN into a region with
free movement of goods, services, investment,
skilled labor, and freer flow of capital.
Each ASEAN member country shall abide by and
implement the AEC by 2015.
The declaration on the ASEAN Economic Blueprint
was signed by the heads of ASEAN members
countries.
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2011
1.Brunei Darussalam
50,790 50,000
2.Indonesia
6,728 4,700
3.Malaysia
13,385 15,800
4.Philippines
3,383 4,100
5.Singapore
49,754 60,500
6.Thailand
7,907 9,500
7.Cambodia
1,818 2,200
8.Lao PDR
2,054 2,700
9.Myanmar
1,040 1,300
10.Vietnam
2,589 3,400
Source: CIA World Fact Book (2013)
2012
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Summary of Areas
of Economic and Financial Integration
Financial integration of ASEAN will be as follows:
1. Financial services liberation, including banking
integration
2. Capital account liberation: removing restrictions on
foreign exchange transactions on current account,
foreign direct investments, portfolio investments, etc.
3. Capital market development: harmonization of laws
and regulations, and linkage of market infrastructure,
etc.
4. Harmonized payments and settlement systems.
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Challenges:
1.Cambodian public administration is viewed as insufficient by the
private sector in meeting the ASEAN criteria in terms of
effectiveness and efficiency.
2.High production costs such as electricity compared to other
ASEAN countries
This means:
the cross-border movement of professional accountants
providing accountancy and public auditing services that
require domestic licensing in ASEAN Member States
may be facilitated through:
a. bilateral Mutual Recognition Agreements
(MRAs)
b. multilateral MRAs between or among the
Member States.
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Year
Venue
Date Signed
Engineering Services
2005
Nursing Services
2006
Cebu
Architectural Services
2007
Singapore
19 Nov 2007
Framework on surveyors
2007
Singapore
19 Nov 2007
Framework on accountancy
Medical Practitioners
Dental Practitioners
2009
2009
2009
Chan-am
Chan-am
Chan-am
26 Feb 2009
26 Feb 2009
26 Feb 2009
8 Dec 2006
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- BICPA
- LICPA
Cambodia - KICPAA
Indonesia
Malaysia
Myanmar
Philippines
Singapore
Thailand
Vietnam
- IAI
- MIA
- MAC
- PICPA
- ISCA
- FAP
- VAA
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V. Conclusion
By the year 2015 and beyond, the ASEAN Framework
Agreement on Services (AFAS) are:
1.to enhance cooperation in services among ASEAN
member states to improve the efficiency and
competitiveness,
2.to eliminate substantially restrictions to trade in services
amongst ASEAN Member States and
3.to liberalize trade beyond those undertaken by ASEAN
Member States.
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Thank you
for your attention
and
Q&A
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