Concomitantly, reflecting the parallel developments under the ASEAN+3 Initiative, there has been wider discussion and debate on the formation of a South Asian Economic Union and a South Asian Development Bank2. Second, the Asian Bond Fund Initiative3 was launched in 2003 reflecting the effort to develop a regional bond market for catering to the medium and long term financing needs of the Asian economies.
Mark-ups on the cost of services are, on average, higher than in the USA. One could say that the European Commission’s Services Directive has failed to live up to expectations. In a nutshell, the single market for services is not yet delivering its full potential. Thus, completing the single market for services and ensuring the unhindered cross-border provision of services promise significant economic benefits.