ASEAN Investment Area
In October 1998, signed the Framework Agreement on the establishment of the ASEAN Investment Area. ASEAN Investment Area (AIA), covers the territory of all nations - the members of the Association and is one of the main tools to attract domestic and foreign investment by providing investors with national treatment, tax breaks, lifting restrictions on the share of foreign capital, etc. ASEAN, with the understanding of the need to deepen the liberalization of the economy, inability to provide their own investment required to develop advanced technologies that could help the region take their rightful place in the world in the twenty-first century, decided to join efforts in this direction, gradually open domestic market, not only to trade, but also for investments, both countries - members of the Association, as well as third countries. Catalytic role in the adoption of the Framework Agreement has played the Asian financial crisis of 1997, which resulted in a substantial outflow of foreign capital SEA. To keep in the region for at least the strategic investors, the ASEAN countries have decided to allow foreign investment in previously inaccessible to those sectors of the economy. In accordance with the Framework Agreement on AIA members of Association have pledged to open in stages until 2010 the main sectors of national industry to investors from the states - members of the Association and until 2020 - foreign investors. However, in order to protect the local market of the Framework Agreement, as well as the CEPT Agreement provides for a temporary exclusion list and sensitive list, listing the industries where access to foreign investors will remain limited. Participants also pledged to gradually give all foreign investors national treatment (up to 2010 - aseanovskim investors in 2020 - to all investors from third countries). Countries that are investing in manufacturing, national treatment is granted immediately. During the first meeting of the Council of the ASEAN Investment Area (March 1999) decided that the dissemination of national treatment and investment in services directly related to the manufacturing industry. An important feature of the Agreement, which clearly relates to the effects of monetary and financial crisis in 1997, is that it covers only the direct investment, leaving the outside of the portfolio investments. Based on the different levels of development of nations - the members of ASEAN Framework Agreement originally provided for a gradual reduction in the provisional list of exceptions and not at all for the Brunei, Indonesia, Malaysia, Philippines, Singapore and Thailand by 2010, Vietnam - until 2013, Laos and Myanmar - by 2015, however, at its first meeting in March 1999, the AIA Council abolished the lists in 2003. In addition to these measures, the ASEAN countries in the Framework Agreement have committed to provide investors with a package of tax incentives set "Hanoi Plan of Action" in 1998 These primarily include a temporary exemption from payment of tax, duty-free importation of capital equipment, simplification of customs procedures, the right to employment of foreign personnel, the minimum term of the lease land for industrial purpose for 30 years, etc. All this shows that ASEAN countries, despite the lobbying of some interest in maintaining its monopoly situation of the national capital, will successively move towards the successful completion of the investment zone. It is important to note that after the panic of 1997 has already begun the return of many investors in the SEA. On this basis, as well as measures to restrict the movement of hot money. " ASEAN expects to create another working mechanism of integration, is now based on joint investments. The governing body of an ASEAN Investment Area Council, comprising ministers, whose responsibilities include the management of investments in countries of the Association. The meeting also took part heads of national investment agencies. The main body is created by AIA Council
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