An independent trade advisory council has been set up by cross-border supply chain specialist law firm Bryan Cave International Trade with its first member, Teng Theng Dar appointed to the board as a member, effective 25 March 2011.
The advisory council aims to provide an external perspective on strategic developments and growth trends in the Asia Pacific and beyond – to support operational and regulatory advice for the firm’s work in cross-border supply chain deals. Additional members to the council will be appointed separately over the next few months.
Teng, the former CEO of the Singapore Business Federation from 2008 up till Jan 2011, is also one of Singapore’s representative to the APEC Business Advisory Council (ABAC). He also serves as Singapore Non-Resident Ambassador to the Sultanate of Oman.
In his capacity as former CEO of ABAC, he emphasized the need for a fair and free trading environment beneficial to both MNCs and SMES. During his tenure, he was also involved with the Trans-Pacific Strategic Economic Partnership Agreement (TTP) – a free trade agreement closely watched by all quarters to potentially open up a free trade area spanning both sides of the Pacific – an ambitious project that aims to link Asia with the Americas.
“With the TPP negotiations entering its 6th round in Singapore from 28 March 2011 – 1 April 2011, we are hopeful that the TPP, once concluded, will bring about effective change to how free trade agreements are negotiated – by being both comprehensive and pristine,” Bryan Cave CEO Cecil Leong said.
According to Leong, the lack of transparency in cross-border trade laws and regulations have instigated the need for a focal group, now more than ever before. “We are now witnessing first-hand how unforeseeable events like the tsunami in Japan, can adversely impact an MNC’s global supply chain due to a concentration of vital manufacturing within a single jurisdiction or locale. With more free trade agreements coming online, MNCs and SMEs alike have to react quickly to deal with rationalization in manufacturing footprint, distribution, sourcing, compliance and risk management; and more often than not, all at the same time,” he said. ALB
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