Regulatory Reform In Thailand
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Thailand is a member of the APEC or Asia Pacific Economic Cooperation. As such, the country puts in all efforts to comply with the Principles laid down by APEC pertaining to regulatory reform in Thailand. Regulatory reform in Thailand commenced prior to the declaration of principles by APEC. The regulatory reform in Thailand was stepped up at the beginning of 1990 and in the year 1997, post economic crisis. Regulatory reform in Thailand did not encounter a smooth implementation. More so, because the common people had become increasingly aware of the development in the economy and wanted an active participation in the reform.
Even though the private sector is actively involved in the infrastructural segment in Thailand, like independent production of power, dominance of the state enterprises and toll roadways, the markets are non liberalized.
Several regulatory reforms in Thailand were introduced during the year 1998. The reforms mainly revolved around state owned enterprises in addition to other reforms. A Master Plan pertaining to regulatory reform in Thailand was launched in the year 1998. Privatization was not only aimed at, but the Master Plan also envisaged changes, which were legal, structural as well as institutional.
Regulatory reform in Thailand aimed at the following:
- Accelerating the efficiency and growth in the economy of Thailand.
- Capital markets (local) were to be activated.
- Rendering quality services at an economical cost
- By taking help of resolution pertaining to financial institution, thereby reducing the financial burden of the government.
The government in Thailand ensures that quality services are maintained. The Master Plan also ensures consumer protection and encourages open as well as fair competition. However, the Master Plan encompassing the regulatory reform in Thailand includes the following sectors of the economy:
- Water
- Telecommunication
- Transport
- Energy
With regard to the process of functioning, the Master Plan demarcates the following three areas:
- Operations
- Policy making
- Regulations
