Promoting UK global accountancy standards to boost Southeast Asia business

The global accountancy body – ACCA – is working with the UK- ASEAN Business Council (UKABC) to promote international business and trade in the Middle East and Southeast Asia.

The UKABC-led events – where ACCA is principal sponsor – will see government, business, and trade leaders discuss issues that matter to businesses looking to enter and extend their commercial footprint in the region.

The programme centres on the annual ASEAN Business and Investment Summit (ABIS), held this year in the Lao PDR capital, Vientiane, between 8 and 11 October. Here UKABC Chair, Lord Vaizey, will preside over four ACCA-sponsored events. He is also a speaker on ASEAN Digital Transformation – exploring the potential of digital technology to connect MSMEs to global markets, facilitate seamless trade, and extend financial inclusion.

In contrast, Kuala Lumpur is all about setting the scene for Malaysia’s chairmanship of ASEAN in 2025. Here, as well as meeting senior government and industry representatives in Kuala Lumpur, the team will convene with the Malaysia Digital Economy Corporation to consider initiatives for next year. Business Roundtables and Receptions are additionally being held in Dubai and Bangkok.

Pulkit Abrol, Managing Director ACCA Asia Pacific said: ‘ACCA is delighted to be working with UKABC to promote UK-led business growth. The ACCA Qualification is in demand around the world. Our sector has huge potential to grow still further as the world economy evolves. And this potential is underpinned by business resiliency which is reliant on sound accountancy practice.’

Ian Gibbons, Chief Executive, UKABC, said: ‘We are very pleased to be working with ACCA on this important series of events. UKABC is delighted to see the strengthening of trading relationships between Southeast Asia and the UK. The UK’s accession to CPTPP and bilateral agreements such as the recently signed UK-Thailand Enhanced Trade Partnership are signs of the deepening bilateral trade and investment relationship.

ACCA is collaborating with UKABC through the first half of October by sponsoring a series of trade and investment events – roundtables and receptions – in Dubai, Thailand, Lao PDR, and Malaysia; on 4, 7, 8-11, and 14-15 October respectively.

ACCA has a long record of working with employers, educational institutions and government in ASEAN on a broad range of capacity building and economic development issues, including reporting standards, public financial management, employability and the energy transition.

UK ‘soft power’ also has hard numbers. According to the research by Oxford Economics the UK accountancy profession made a combined £80.7 billion contribution to the UK economy in 2022.

Trade between the UK and ASEAN member states is similarly important with trade in goods and services between the UK and ASEAN member states reaching, £47.2 billion in 2023, with UK exports to the region up 5% in the 2023 calendar year, according to UK government figures.

Key Takeaways:

• ACCA and UK-ASEAN Business Council are collaborating to promote international business and trade in Southeast Asia.
• The partnership will focus on capacity building, economic development, and promoting sound accounting practices.
• Events will be held in Dubai, Thailand, Lao PDR, and Malaysia to foster stronger trade relations between the UK and ASEAN.