There is a clear correlation between the hosts country and lag, and some part of that is explained by distance. Not so much the distance itself but I think there just are too many slowing points on the way. For me from Finland, Finland and Sweden has a low 10-20ms ping (mepinger) and gradually increasing to Italys ~90ms. Pakistan always is ~200ms (hello n00b), china ~500ms, australia ~250ms, USA ~100-200ms. Although I undestand that the speed of light is rather high and electricity also goes quite fast, it seems that in most of the cases the further away the host the higher the ping. From what I have been playing, lag over ~90ms I can notice, lag over 150ms is disturbing and I don't play with chinese ppl 
(China propably has 2 million educated monkeys stalking the network all readied up to hit that censor panic-button, hence the ping is about the same as it would be to the moon)
There is more to it than that. I will create a detailed post/thread Soon™ but I will try and explain it briefly in this post.
Ping is a round trip i.e data packet sent from one network to another and back. Lets assume a PC in Australia wants to ping a PC in Canada. Lets assume distance between these two is 15000 KM approximately. As packet have to come back so lets multiply this by 2. Meaning 30000KM. Light would take approximately 100ms to go and come back. In fibre optics data isnt sent at exact speed of light. It's 30-31% slower. That would mean minimum 130ms if its going in a straight line. Those undersea cables that are responsible for getting those data packets across the various continents aren't laid in a straight line. They move in a zig zag sort of fashion connecting most countries nearby one location. e.g data packet going from Australia to US would first travel to some countries in SEA then to Middle East then to Europe connecting (France, Germany, Finland, UK etc) to US East Coast then Central America then US West Coast then to Canada. Also light doesnt move in straight line in fibre optic cables it kinda bounces like a ping pong ball when moving in fibre optic cable from one point to another. That is why actual ping (disregarding any network congestion or internet being heavily abused by multiple users or some titborrent downloading during hosting) is higher than the time it would take for light.
Reason why ping to China is very high compared to rest of the world is that packets going from Finland to China don't go straight to China. They are routed to US first, Flagged Filtered Censored etc and then routed back. After all Internet is/was a DARPA project to use for military communications in it's infant years. That is what I meant in my earlier post when I mentioned stupid routing. Nearest city in India is less than 100KM from my location where as the ping to Indian DOTA2 servers is 450-460ms because of (wait for it) stupid routing.
As far as I know you can play ME3 since it isn't a PvP game comfortably with 100-200ms ping. There will be a slight delay but it shouldn't be considered as lag. Lag is when you are playing with 400ms or higher ping and also there is some packet loss as well as jitter in latency because the host is downloading pr0n torrents aka titborrents or his/her internet is being shared with whole apartment where multiple users are ab"using" the only internet connection. I know most people assume that their 100-500Mbps internet connections can handle it but that isn't the case.
You can check it by going to http://www.pingtest.net and do a test to server located in other continent. US should check European servers and EU should check US.
Test both scenarios. First disconnect all devices except the one you want to do a latency test from. Close any background apps that use internet such as torrents, steam or origin downloading games or skype video call etc. Test it and after that run a torrent download and then test the same server again. You will see that the 2nd test during which torrent was running or internet was being shared with other devices in home/office etc will have increased jitter increased ping and in worse case packet loss. Jitter is how much latency/ping fluctuates. Anything higher than 5ms should be bad and packet loss should be at 0%. 30ms jitter means that if ping takes 100ms then 30ms jitter would mean that ping is fluctuating and is sometimes 100ms sometimes 130ms. That along with packet loss is what turns this awesome game we all love into Lag Effect 3.
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Edit: Dang I thought I was being brief 
This wallotext will have to do.