2019 Protocol to Implement the Eighth Package of Commitments on Financial Services under the ASEAN Framework Agreement on Services

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Additional Annexes	2019-8th-AFAS-Financial-Package-Annexes.pdf
Full Title	2019 Protocol to Implement the Eighth Package of Commitments on Financial Services under the ASEAN Framework Agreement on Services
Short Title / Abbreviations	AFAS 8th Package on Financial Services/AFAS FS 8
CIL Subject Classification	ASEAN Documents ASEAN Economic Community ASEAN Free Trade Area Finance Services
Date of Adoption	05/04/2019
Place of Adoption	Chiang Rai, Thailand, 5th ASEAN Finance Ministers' and Central Bank Governors' Meeting (AFMGM)
Issued/Adopted by	Finance Ministers of ASEAN
Dispute settlement provisions	Paragraph 2: “This Protocol and its Annexes shall form an integral part of the [1995] AFAS.” Article VII ‘Settlement of Disputes’ of the 1995 ASEAN Framework Agreement on Services: “1. The [1996] Protocol on Dispute Settlement Mechanism for ASEAN shall generally be referred to and applied with respect to any disputes arising from, or any differences between Member States concerning the interpretation or application of, this Framework Agreement or any arrangements arising therefrom. 2. A specific dispute settlement mechanism may be established for the purposes of this Framework Agreement which shall form an integral part of this Framework Agreement.” The 1995 ASEAN Framework Agreement on Services is also one of the “Covered Agreements’ pursuant to Article 1.1 of the 2004 ASEAN Protocol on Enhanced Dispute Settlement Mechanism read together with its Appendix I. The 2004 Protocol will only apply with respect to disputes that arose after its entry into force (29 November 2004).
Depository	Secretary-General of ASEAN
Annexes	Schedules of Specific Commitments: Brunei Darussalam Cambodia Indonesia Lao PDR Malaysia Myanmar The Philippines Singapore Thailand Viet Nam
Entry Into Force Status	In Force
Source	ASEAN Legal Instruments
Date of Entry into Force	02/10/2019
Entry into Force / Termination Provisions	“6. This Protocol and its Annexes shall enter into force one hundred and eighty (180) days after the date of its signing. Subsequent commitments made in accordance with paragraph 5 shall enter into force one hundred and eighty (180) days after the date such commitments are notified in writing to the ASEAN Finance Ministers’ Meeting (AFMM) by the Secretary-General of ASEAN in coordination with the participating Member States. 7. Each Member State undertakes to complete its internal procedures of ratification or acceptance for the entry into force of this Protocol and its Annexes. 9. (1) Where a Member State is unable to complete its internal procedures for the entry into force of this. Protocol and its Annexes within one hundred and eighty (180) days from the date of its signing, the rights and obligations of that Member State under this Protocol and its Annexes shall commence on the first day following the date on which notification was made under paragraph 8. (2) Where a participating Member State is unable to complete its internal procedures for the entry into force of the subsequent commitments made in accordance with paragraph 5 within one hundred and eighty (180) days after the date upon which its subsequent commitments are notified in writing to the AFMM, the rights and obligations of that participating Member State under the subsequent commitments shall commence on the first day following the date on which notification was made under paragraph 8. “
Status
ASEAN States	(Source: ASEAN Legal Instruments as of 12/12/2022)
Brunei Darussalam	Signature 05/04/2019 Ratification 05/12/2019
Cambodia	Signature 05/04/2019 Acceptance 10/01/2020
Indonesia	Signature 05/04/2019
Lao PDR	Signature 05/04/2019 Acceptance 07/01/2020
Malaysia	Signature 05/04/2019 Ratification 07/10/2019
Myanmar	Signature 05/04/2019 Ratification 18/06/2020
Philippines	Signature 05/04/2019 Ratification 19/12/2019
Singapore	Signature 05/04/2019 Ratification 12/08/2019
Thailand	Signature 05/04/2019 Ratification 12/02/2020
Vietnam	Signature 05/04/2019 Acceptance 31/10/2019
Related Instruments
This instrument amends/supersedes	1995 ASEAN Framework Agreement on Services The first Package of Commitments on Financial Services was made in the 1998 Protocol to Implement the Second Package of Commitments under the ASEAN Framework Agreement on Services 2002 Protocol to Implement the Second Package of Commitments on Financial Services under the ASEAN Framework Agreement on Services 2005 Protocol to Implement the Third Package of Commitments on Financial Services under the ASEAN Framework Agreement on Services 2008 Protocol to Implement the Fourth Package of Commitments on Financial Services under the ASEAN Framework Agreement on Services 2011 Protocol to Implement the Fifth Package of Commitments on Financial Services under the ASEAN Framework Agreement on Services 2015 Protocol to Implement the Sixth Package of Commitments on Financial Services under the ASEAN Framework Agreement on Services 2016 Protocol to Implement the Seventh Package of Commitments on Financial Services Under the ASEAN Framework Agreement on Services
Related Instruments	WTO General Agreement on Trade in Services
External Links	ASEAN Secretariat accessed on 12/12/2022