LKYSPP believes that "export regulations represent serious impediments to trade flows… Southeast Asian countries are in need of extensive trade facilitation measures in order to drive forward the complex process of regional economic integration and keep pace with
increasingly globalised production networks."
"Despite enhanced connectivity, regional trade integration is not taking off… Inefficient customs procedures, substandard quality of port and airport infrastructure, and opaque regulatory frame works together drive up Trade Transaction Costs and form serious impediments to freer trade flows. Transaction costs arise at every step of the trading process and capture commercial, financial, transport, and regulatory processes
Implications from LKYSPP:
"ASEAN countries have huge potential for gains through trade facilitation… by[increasing] border and transport efficiency as well as the business and regulatory environment."