A harmonised set of standards and regulations is needed for ASEAN to ensure a seamless flow of trade and investment. With a commitment to regulatory excellence, the Master Plan on ASEAN Connectivity (MPAC) 2025 will support the harmonisation of standards and development of mutual recognition agreements, as well as address the technical regulations in ASEAN Member States.
To promote transparency and support the region’s trade growth, the MPAC 2025 will develop a quantification and benchmarking approach, and establish good regulatory practices to address non-tariff measures (NTMs).
Micro, small, and medium enterprises (MSMEs) make up about 95 per cent of ASEAN business, but they only account for around 30 per cent of exports. Harmonising trade standards and regulations, developing appropriate benchmarks and ensuring good regulatory practices will create more opportunities for MSMEs.