Chapter 5. Advancing Regulatory Cooperation
D. Conclusion
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158 -an active government role in establishing and monitoring quality standards. Also, the public authorities often have a crucial role in mitigating adverse distributional effects and social hardship that might result from trade-induced structural adjustment in social sectors.
33. Going forward, the ASEAN services integration process could usefully be refocused on stronger efforts to pursue regulatory cooperation and increased attention to the implementation of commitments, including with respect to mutual recognition arrangements. ASEAN has embarked on a promising path to service market integration, but there is a large potential to further accelerate and deepen reforms, and thereby catch up with developments in other emerging regions around the world. Indeed, experiences in other regional integration areas, including those in the European Union, show that the required reform processes can be complex and laborious, but the potential rewards in terms of competitiveness, growth, and employment are such that these efforts clearly seem worthwhile.
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