Southeast Asian nations hesitant to ease access to financial sector

The opening of the financial sector remains a significant concern for the members of the Association of Southeast Asian Nations, as they fear for the local small companies inability to compete with multinational firms. Thailand, particularly, declined to comply with World Trade Organization's request to submit in July 14, 1997, an improved version of its financial sector liberalization plan. Asian nations are divided regarding the scope and pace of liberalizing their respective financial sectors, with Hong Kong and Singapore pushing for speedier removal of trade barriers.