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The results of negotiations are formalised as Packages of

Schedules of Commitments under the AFAS, which provide
for details of liberalisation of the services sub-sectors where
commitments are made. The AFAS Packages are implemented

via Protocols signed by the AEM. ASEAN has so far concluded
nine packages of commitments in a wide range of services sectors

under the purview of AEM. Protocols signed by the AEM and
provide details of liberalisation of the services sub-sectors
where commitments are made.
27

In relation to the GATS principle, GATS does not prevent
its members from becoming a party to agreements to liberalise

28
the trade in services. The rationale of ASEAN’s financial service
liberalisation is structured on the milestone of GATS, which aims
to extend the multilateral trading system to service sector, in

the same way, GATT provides such a system for merchandise
trade. Generally, GATS distinguishes between four modes of

supplying services: cross-border supply, consumption abroad,
commercial presence, and the presence of natural persons.
Cross-border supply (Mode 1) covers services flows from the

territory of one member into the territory of another member

27 See id. at.
28 General Agreement on Trade in Services (1995).

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