Timothy Ong debate on "The ASEAN Charter is too little too late in a rapidly changing world"

Summary

In this compelling speech, the speaker critiques ASEAN's economic integration efforts, emphasizing the disparity between the region's goals and its current reality. While ASEAN launched a blueprint for integration, the speaker argues it is too little, too late, pointing out the stark economic differences between member countries, the low level of intra-regional trade, and the challenges businesses face across various ASEAN nations. The speaker stresses that ASEAN needs a concrete program of action, rather than more declarations, to effectively compete in the face of global powers like China and India.

Takeaways

• 😀 ASEAN is portrayed as a region struggling with growth, especially with men typically facing bigger challenges in maturing.
• 😀 The ASEAN Charter is introduced as a blueprint for economic integration in the region, advocating for a common market, production base, and equitable distribution.
• 😀 The Charter aims for a competitive ASEAN that is integrated with the global economy, but its relevance is questioned given the current state of the region.
• 😀 A stark contrast is drawn between the wealth disparity within ASEAN, where the richest country is 163 times wealthier than the poorest, compared to 7 times within the European Union.
• 😀 ASEAN’s internal trade is far less than its trade with non-ASEAN countries, indicating a lack of regional economic integration.
• 😀 Foreign direct investment (FDI) into ASEAN primarily comes from outside the region, with intra-ASEAN FDI being minimal.
• 😀 A survey by the Heritage Foundation highlights that ASEAN’s economic freedom varies greatly, with some countries being classified as free, while others are considered unfree or repressed.
• 😀 The World Bank’s survey on ease of doing business reveals significant bureaucratic hurdles across ASEAN countries, such as lengthy processes for starting a business, getting licenses, and registering property.
• 😀 These inefficiencies raise doubts about ASEAN’s seriousness in achieving economic integration, particularly in comparison to other regions like the European Union.
• 😀 The speaker argues that ASEAN does not need more blueprints or declarations, but rather a program of action to genuinely implement the vision set forth in ASEAN 2020 and other past declarations.

Q & A

What is the ASIAN Charter?

The ASIAN Charter is a blueprint for the economic integration of the region. It advocates for a common market, a unified production base, equitable distribution within the region, and a competitive region that is integrated with the global economy.

What are the main goals of the ASIAN Charter?

The ASIAN Charter's goals include establishing a common market, promoting a common production base, ensuring equitable distribution within the region, fostering a competitive regional economy, and integrating the region into the global economy.

What concerns are raised about the current economic integration within ASIAN?

The transcript highlights the disparities between ASIAN countries, such as the vast wealth gap between the richest and poorest nations. It points out the fragmented nature of trade and investment, with ASIAN countries trading more with non-ASIAN partners than among themselves. Additionally, foreign direct investment from outside ASIAN is greater than from within the region itself.

How does the economic inequality in ASIAN countries compare to the European Community?

The richest country in ASIAN is 163 times wealthier than the poorest, compared to just seven times in the European Community. Moreover, the richest ASIAN country is 17 times wealthier than the regional average, compared to only two times in the European Community.

What does the speaker say about the ease of doing business in ASIAN countries?

The speaker emphasizes that starting a business in ASIAN countries can be a lengthy process, citing that in Singapore it takes five days, whereas in ASIAN's largest economy it takes 105 days. The process is even more time-consuming in countries like Vietnam and Cambodia, where building permits can take several months or even years.

What is the significance of the Heritage Foundation survey mentioned in the transcript?

The Heritage Foundation survey measures the freedom of ASIAN economies, revealing significant disparities. Of the surveyed countries, one is considered 'free', two are 'mostly free', three are 'mostly unfree', and three are 'mostly repressed'. These results illustrate the lack of economic cohesion and freedom within the region.

How does ASIAN's foreign direct investment (FDI) compare to China's?

The transcript points out that 20 years ago, ASIAN received twice as much foreign direct investment as China. However, today, China attracts more FDI than the entire ASIAN region combined, and excluding Singapore, it is more than twice that of ASIAN.

What is the speaker's opinion on the ASIAN Charter's effectiveness?

The speaker argues that the ASIAN Charter is too little and too late in the face of rapidly changing global conditions. Instead of more theoretical blueprints, the speaker advocates for a concrete program of action to realize the ASIAN vision.

What does the speaker suggest ASIAN needs to do to compete globally?

The speaker suggests that ASIAN must take economic integration seriously to compete against the rising powers of China and India. This would require more than declarations and blueprints; it necessitates action and practical steps towards integration.

How does the speaker view the previous ASIAN 2020 vision?

The speaker questions the effectiveness of the ASIAN 2020 vision, pointing out that the region's economic performance has not aligned with these past goals. For instance, ASIAN has seen a decline in foreign direct investment, particularly when compared to China.