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East Asian Economy: Southeast Asian Economy and Comparison* Some parts of this note are borrowed from the references for teaching purpose only.

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East Asian Economy <Lecture Note 4> 2013.10.17

Semester: Fall 2013 Time: Thursday 2:00-5:00 pm Professor: Yoo Soo Hong Classroom: 423 Mobile: 010-4001-8060 E-mail: yshong123@gmail.com Home P.: http://yoosoohong.weebly.com

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Geography, History and Culture

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South East Asia

ASEAN Member Countries

Brunei Darus-salam Philippines

Indonesia

Singapore

Malaysia Cambodia

Viet NamThailand

Lao PDR

Myanmar

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ASEAN Basic Data

• Total population : 497.56 million

• Total GDP : US$ 737.48 billion

• Total trade: US$ 720 billion

• Total area : 4,495,493 sq.km

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Southeast Asia

Background (Cultural)

– Southeast Asia is a land of large and small peninsulas and islands.

– The region is a cultural and political mosaic of diverse peoples and lands.

– Influence of India and China on the historical development of the region

– Buddhism strongly entrenched in Burma, Thailand, Cambodia, Laos, Vietnam.

– Hindu cosmology and beliefs influential in the region

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- Overseas Chinese are major entrepreneurs in large urban areas.

- Thai people pushed out of southern China in 13th.

- Only Thailand (Siam) has never been colonized by the West.

- Thai monarchy practiced skillful diplomacy to preserve their independence.

- Vietnam occasionally was ruled by China influence of colonialism

- Most states under colonial rule from 19th to 20th C, i.e. UK (Myanmar, Singapore and Malaysia); France (Cambodia, Vietnam and Laos); Netherland (Indonesia); US (Philippines)

Overseas Chinese factor

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Population- Southeast Asia has a large, expanding population- In 1965, combined population of all countries was 250 million; by 1993 it in-

creased to 400 million; and by 2025 it is expected to rise to 550 million.- Most countries growing at 2% per year; Thailand and the Philippines growing

at 3%; Cambodia and Laos have rates close to 1% reflecting ravages or war.- Urbanization increasing in all countries though Cambodia, Laos and Vietnam

still have less than 20% living in urban areas.- Indonesia and Thailand have 30% of their populations in urban areas- Philippines just over 40%; Malaysia 50%- 100% of the population in Singapore live in the city.- Most Southeast Asian states have a high percentage of their people living in a

primate city, i.e. Bangkok, Thailand; Manila, Philippines, Phnom Penh, Cambo-dia, etc.

- Migrations from rural areas to cities have strained governmental budgets, made it difficult to provide adequate services.

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Southeast Asia: Initial Conditions

Resource-Rich Countries

Colonial Experience Under European Countries

Indonesia Oil, Tin, Natural Gas, Timber, Coal, Nickel, Fertile Land

Malaysia Oil, Tin, Natural Gas, Timber, Copper

Thailand Tin, Rubber, Natural Gas, Tungsten, Timber, Lead

Indonesia Independence from the Netherlands in 1945

Malaysia Malaya’s Independence from the Britain in 1957

Philippines Under Spain until 1898 and Japan until 1945

Singapore Independence from the Britain in 1959

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Diversity of Ethnic Groups and Religions

Indonesia Java 45%, Sundan 14%, Malaya 7.5% Moslem 88%, Protestant 5%, Catholic3%

MalaysiaMalaya and Native 58%, Chinese 24%, Indian 8% Moslem 53%, Hindus 7%, Buddhist 17%, Catholic 6%, Chinese traditional religion 12%

PhilippinesCatholic Malaya 91.5%, Moslem Malaya 4%, Chinese emigrants 1.5%Catholic 83%

SingaporeMalaya 15%, Indian 6%, Chinese 77% Buddhist 26.7%, Hindus 26.7%, Taoist 29.3%, Islam 16.3%, Catholic 10.3%

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Economic Growth and Status

ASEAN6 GDP Growth 1990-2011

Source: Chia, S. 2013. p.8. 12

CLMV GDP Growth 1990-2011

Source: Chia, S. 2013. p.9. 13

Southeast Asia: Development Process

Industrialization

-Later than the North

Early liberalization and market-friendly -Some of South East Asian countries tried to nurture indigenous industries but it did not work out well. -Therefore, in most cases, industrialization of South East Asian countries has been achieved by attracting FDI.

They pursued early liberalization.

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South East Asian Model

Singapore Malaysia

Import-substitution during 1959-1965

Industrialization with Export-promotion with

the 1965 split with Malaysia Strong government intervention to attract

FDI

Until the economic recession in 1985

• the late 1950s: Industrialization with Import-substitution

• the late 1960s: Industrialization with Export-promotion

• the 1970s: Establishment of Export-processing areas led by MNCs

• the 1980s: Import-substitution with increased GOV’T intervention

• during 1985-1986: Loosened regulation and Repeal of control while going through economic recession

In a case of Singapore, they pursued import-substitution during 1959-1965, but with the 1965 split with Malaysia they focused on promoting exports, which was led by MNCs.

Malaysia also promoted MNCs activities from the early stage: in the 1970s establishment of export-processing area led by MNCs 15

Thailand

• Industrialization since the 1960s but higher portion of agricultural sector until 1980

Import-substitution until 1971 Government preferred liberalization and

market economy

• Export-oriented industrialization until now

• Too rapid increase of population: 1.7 million in 1947/ 2.6 million in 1960 / 5.0 million in 1980

• MNC-led industrialization

Stabilizing economy by controlling inflation during 1966-1970Building infrastructure

Strong government intervention in finance, heavy industry, tariff barrier, and developing their own industry

Dramatic decrease in oil price during 1985-1986

Currency depreciation Repeal of financial support Committing customs services to Swiss

company (SGS) in 1985 Duty drawback system in 1986 liberalization of foreign investments in

1986Reducing tariff barrier

Indonesia

South East Asian Model (cont.)

Thailand government preferred liberalization and market economy since the 1970s, and the government tried to lead the export-oriented industrialization with their own strength, but they couldn’t. One of major factors was too rapid increase of population. So MNCs led industrializa-tion.

Indonesia government strongly tried to strengthen their own industries, intervening finance, heavy industry and tar-iff barrier. But facing dramatic decrease in oil price during 1985-1986, the government took more market-friendly measures.

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Economic Development

– Several Southeast Asian economies have made substantial economic progress since the1960s.

– Thailand, Malaysia, Singapore, Indonesia and Philippines have good economic growth rates with rising incomes.

– Cambodia, Laos, Burma (Myanmar), Vietnam have lagged behind the rest of the countries of the region.

– Recently Vietnam opening the country up to market forces, foreign in-vestment, development of a thriving business community.

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Economic and Social Development in Southeast Asia

Southeast Asia has been one of the world’s most dynamic and fastest growing regions in recent decades. (1990-2007)

- GDP growth 5.5% (the world: 2.9%)

In 2007, the region’s average per capita income was estimated at $4,020.3 (at 2000 constant prices), slightly higher than developing Asia. High levels of investment in physical and human capital, pragmatic trade and industrial policies, a vibrant external sector and, especially af-ter the 1997/98 Asian financial crisis, structural reforms supported this favorable economic performance. The crisis sparked a wave of reces-sion in many directly affected economies, but this was short lived and recovery was swift.

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The region still faces the daunting task of eradicating income and non-income poverty.

- Rapid economic growth and structural transformation has helped lift millions of Southeast Asians out of extreme poverty. During 1990-

2005, poverty incidence in Indonesia declined by 32.8, Philippines by 7.0, Thailand by 9.0, and Viet Nam by11.4 percentage points.

- But as of 2005, about 93 million(18.8%) Southeast Asians still lived be-low the $1.25-a-day poverty line, and 221 million (44.6%) below the $2-a-day poverty line. Although most Southeast Asian countries are on their way to achieving the income Millennium Development Goals (MDG) by 2015, many face great challenges in achieving the non-in-come MDGs.

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Selected Economic and Social Indicators

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Main Indicators

CountryPopulati

on (thousan

d) Country

GDP(US$ mil.)

CountryGDP per Capita (US$)

CountryTotal Trade(US$ mil.)

1. Indonesia 234,181 1. Indonesia 708,032 1.Singapore 43,929 1. Singapore 699,273

2. Vietnam 86,930 2. Thailand 318,709 2. Brunei 28,830 2. Thailand 377,719

3. Thailand 67,312 3. Malaysia 238,849 3. Malaysia 8,262 3. Malaysia 364,531

4. Philippines 60,163 4. Singapore 223,015 4. Thailand 4,735 4. Indonesia 293,442

5. Myanmar 60,163 5. Philippines 189,326 5. Philippines 3,149 5. Vietnam 156,993

6. Malaysia 28,909 6. Vietnam 107,650 6. Indonesia 3,023 6. Philippines 109,660

7. Cambodia 15,269 7. Myanmar 35,646 7. Vietnam 1,238 7. Brunei 11,952

8. Laos 6,230 8. Brunei 11,952 8. Laos 1,045 8. Myanmar 11,798

9. Singapore 5,077 9. Cambodia 11,168 9. Cambodia 731 9. Cambodia 10,480

10. Brunei 415 10. Laos 6,508 10. Myanmar 592 10. Laos 6,938

Source : ASEAN Secretariat, 2010

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GDP Growth Comparison: Actual and Forecast

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Source: OECD

Poverty Estimates in Southeast Asia

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Output per worker, 2008 (constant 2009 US$)

0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000

Cambodia

Viet Nam

Indonesia

Philippines

ASEAN

Thailand

Malaysia

Singapore

Note: Labor productivity is not the same as wage. Source: Conference Board and Groningen Growth and Development Centre Total Economy Database, January 2010.

Disparity in Productivity

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Land Use

Increasing demand for food and industrial crops in recent years has led to intensification of agricultural production, generating considerable en-vironmental pressure.

- Growing population, rising incomes, and changing consumption pat-terns have boosted demand for food and industrial crops from within and outside the region, and to rising food prices on a global scale.

- In response, the region has intensified production of grains, animal feed, and industrial crops.

Rising agriculture production puts considerable pressure on water re-sources already under stress from high population and economic growth.

- Many parts of the region have been experiencing increasing water stress, including water shortages and deterioration of water quality due to rapid population and economic growth and climate change.

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International Competitiveness, Trade and FDI

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Export Performance Compared

Trade Performance

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Closer Integration in ASEAN and East Asia

Average tariff rate under AFTA, % Share of intra-regional trade (percentage of total trade)

Source: SAEO 2010

FDI

CountryFDI

inflow (ml.

US$) Country

Change in FDI inflow

(%)Country

Tourist Arrival

(thousand)

Country

Change in

tourist arrival

(%)1.Singapore 35,520 1. Malaysia 525.8 1. Malaysia 24,577 1. Vietnam 33.9

2. Indonesia 12,737 2. Indonesia 161.2 2. Thailand 15,936 2. Laos 25.1

3. Malaysia 8,643 3. Singapore 132.5 3. Singapore 10,511 3. Cambodia 16.0

4. Vietnam 8,000 4. Brunei 70.3 4. Vietnam 5,050 4. Thailand 12.6

5. Thailand 5,778 5. Cambodia 45.2 5. Vietnam 4,735 5. Indonesia 10.7

6. Philippines 1,713 6. Thailand 16.1 6. Philippines 3,292 6. Philippines 9.1

7. Cambodia 783 7. Vietnam 5.3 7. Laos 2,513 7. Singapore 8.6

8. Brunei 629 8. Laos (12.5) 8. Cambodia 2,508 8. Malaysia 3.9

9. Myanmar 579 9. Philippines (12.7) 9. Myanmar 792 9. Myanmar 3.8

10. Laos 279 10. Myanmar (40.7) 10. Brunei 112 10. Brunei (29.2)

Source : ASEAN Secretariat, 2010

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Division of Labor: Parts Procurement of a Hard Disc Drive Assembler Located in Thailand

COVERDISKSCREWSEALRAMPTOP CLAMPLATCHPLATE CASELABELFILTER, PCBASUSPENSION

Japan

SPNDLE MOTORBASECARRIAGEFLEX CABLEPIVOTSEALVCMTOP COVERPCBAHGAHAS

Thailand

BASEPIVOT SPACERVCMBASECARDTOP CLAMP DISK

COVERSCREW PIVOTPC ADPDISC

Singa-pore

PCBACARRIAGEHGABASEHEADSUSPENSION

DAMPING PLATECOIL SUPPORTPCBA

TOP CLAMP

DISKHEADSUSPENSION

USA

FILTER CAP

W.SUSPENSIONVCMPCBA

Malaysia Hong Kong

Taiwan

Philippines

Indone-sia

ChinaHEAD

Mexico

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FDI Inflows into ASEAN 1993-2011

Source: Chia, S. 2013. p.14. 32

Weakness of Southeast Asia Dual Structure

- FDI dependent, mass production of manufacturing resulted in the gap between the manufacturing sector and agricultural sector (urban and rural area).

Different Competitiveness between MNC-led Export Sector and Local Firm-Led Domestic Demand

- MNC Competing in the overseas market increases productivity.- Some domestic demand-oriented goods (consumption, goods) and local estate sector

have been lagged.

Inefficient Investment

- Firms invested in heavy and chemical industry or expanded by the close relationship with the government have been inefficient with capital intensive structure. - Financial system, monopoly and moral hazard problems exist.

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Lacking in Technology Transfer

- One of the most serious problems of Southeast in Asia is the week technology base due to the strategy of industrialization by MNC inducement.

- MNCs have been reluctant to transfer their technologies to Southeast Asian economies.

- Firms, the government, and people in general were not interested in technology absorption.

- As a result, the industrial structure was distorted.

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Socio-Economic Development

Human Development in Southeast Asia 

global rank country

life expectancy

mean years

expected years GNI per capita

   at birth (years)

of schooling of schooling (ppp 2008 U$)

27 Singapore 80.7 8.8 14.4 4889337 Brunei D. 77.4 7.5 14 4991557 Malaysia 74.7 9.5 12.5 1392792 Thailand 69.3 6.6 13.5 800197 Philippines 72.3 8.7 11.5 4002106 Indonesia 71.5 5.7 12.7 3957113 Vietnam 74.9 5.5 10.4 2995

120 Timor-Leste 62.1 2.8 11.2 5303

122 Lao PDR 65.9 4.6 9.2 2321124 Cambodia 62.2 5.8 9.8 1868

132 Burma 62.7 4 9.2 1596

Source: UNDP 201036

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Geopolitics and Security

Association of Southeast Asian Nations (ASEAN)

• The Association of Southeast Asian Nations (ASEAN) was established on August 8, 1967 by Indonesia, Malaysia, the Philippines, Singapore, and

Thailand. • Brunei Darussalam joined in 1984, Vietnam became the seventh member in 1995, and Laos and Myanmar joined two years later in 1997. Cambodia joined in 1999.

Objectives:• To strengthen the economic and social stability of the region • To ensure peaceful and progressive national development • To ensure stability and security from external interference

Foundation

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Association of Southeast Asian Nations with China, Japan, and South Korea (ASEAN+3)

• The meeting of ASEAN+3 (China, Japan, South Korea) was first held at the Second Informal ASEAN Summit in 16 December 1997.

• To promote greater cooperation between ASEAN and three Northeast Asian nations with an objective of becoming a building block for regional cooperation in East Asia

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Trade Agreements in AsiaActual and prospective

Maldives PakistanChile, Hong Kong, Chinese Taipei

Papua New Guinea, Peru, Russia

BruneiPhilippinesVietnamMalaysia, SingaporeIndonesia

APEC (FTAAP)

ASEAN + 6 (CEPEA)

ASEAN + 3 (EAFTA)

ASEAN (AFTA)

APTA

Bhutan Nepal

BIMSTEC FTASAARC (SAFTA)

BangladeshSri Lanka

Japan Korea, China

Northeast Asian FTA

India

USMexicoCanada

NAFTA

Australia New Zealand

ANZCERTA

Myanmar

Laos

ThailandCambodia

Dynamic and Outward-Looking

ASEAN’s centrality + Dynamic leadership in external relations:

- ASEAN+1 (10 Dialogue Partners : Australia, Canada, China, EU, India, Japan, RoK, New Zealand, Russia, USA)

- ASEAN Regional Forum (ARF) : 27 participants (10 ASEAN Member States, 10 Dialogue Partners, PNG, Timor-Leste, DPRK, Mongolia, Pak-istan, Sri Lanka, and Bangladesh

- ASEAN Plus Three (China, Japan, RoK)

- East Asia Summit (EAS) : ASEAN, Australia, China, India, Japan, RoK, New Zealand

- cooperation with the UN, World Bank; regional organizations/institutions (ECO, SAARC, PIF, GCC, Mercosur, SCO, ADB, UN-ESCAP, MRC)

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Dynamic and Outward-Looking (continued)

Active participation of ASEAN and/or Member States in international and inter-regional dialogue and cooperation:

+ ASEAN-UN + Asia-Europe Meeting (ASEM) + APEC (Cambodia, Laos and Myanmar are still waiting to join) + G-20 (Indonesia + ASEAN Chair country) + World Trade Organization + Non-Aligned Movement (NAM) + Forum for East Asia – Latin American Cooperation (FEALAC) + Asia-Africa Summit + Asia Cooperation Dialogue (ACD)

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ASEAN Economic Community (AEC)

AECA Single Market & Production base

Source: Reaping the benefits of AEC & ,www.asean.org, as of December 2009

• Free flow of goods• Free flow of services• Free flow of investment• Free flow of capital• Free flow of skilled labor

Transform ASEAN into a stable, prosperous and highly com-petitive region with equitable economic development, and reduced poverty and socio-economic disparities

EAS - Australia - New Zealand - India

ASEAN+3

- Japan

- Republic of Korea

- People’s Republic of

China

ASEAN- -Indonesia- - Malaysia- - Philippines- - Singapore- - Thailand - Brunei Darussalam - Vietnam - Myanmar - Lao PDR - Cambodia

ASEAN and Dialogue PartnersDialogue PartnersAustraliaCanadaChinaIndiaJapanKoreaNew ZealandEuropean Union (EEC)RussiaUSAUNDP

Other Groupings/RelationsPakistanSouth Pacific ForumGulf Cooperation CouncilRio GroupSAARCSADCEFTAMercusorNAFTA

ASEAN+6

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ASEAN Centrality in the Global Landscape

Source: ADB. Emerging Asian Regionalism: a Partnership for Shared Prosperity.

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Implications and Prospects

Future of Southeast Asia

Needs of Southeast Asia

- For sustained economic development, it is indispensable that Southeast Asian economies should invest more on R&D activities to develop their own technology.

- Southeast Asian economies should promote competence of indigenous companies to make domestic economy more active and reduce degree of dependence on external factors.

- Southeast Asian economies should promote sound consumption culture.

- Southeast economies should build complementary relations with China.

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Enhancing Self-Reliance

- Increase domestic consumption and develop high value-added industrial structure and the service industry.

- Reduce the role of manufacturing base on mass production that is dominated by MNC.

- Explore new growth sector that utilize mainly domestic resources.

- Promote local enterprises that use endowed resources and technological capability.

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Source: OECD

Future Policy Focus by Country

Challenging Issues What made Southeast Asia to be united?

Among Southeast countries which country will be the strongest country in 20 years? Why?

For the future of ASEAN countries, which northeast country is the most im-portant country in the future, why?

(A hypothetical situation) Suppose a sea battle between China and Japan started because of the island dispute. They also stopped economic relations between them. What would be the economic impact of this on each of the economies (i.e. Korea, China, Japan, and ASEAN) in the East Asian region?

China is a big country. Compared to China, Singapore is a tiny country. However, Singapore has maintained No.1 competitiveness rank and the highest income per capita (except Japan) in Asia. Does this fact imply that smaller country is usually easier to be a competitive country than a large country, why or why not?

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East Asia as a Whole and Com-parison of NEA and SEA

Comparison of SEA and NEA

South East Asia North East Asia

Initial Condition

• resource-rich countries• diversity of nations and religions• relatively high portion of agricultural sector

• resource-poor countries• the Cold War environment• successful land reform

Development Process

• natural resource-dependency then industrialization• early liberalization and market-friendly regime

• industrialization• government active intervention

Capital Accumulation

• high-savings & high-investments• attracting high foreign investment

• high-savings & high-investments• forming domestic capital

Market • export-oriented • export-oriented

outcome • high dependence on external factors• MNC-centered Mass-producing system• less development of the technology

• high dependence on external factors• indigenous enterprise (e.g., conglomerate) centered mass-producing system • higher development of the technology

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EvaluationStrong Weak

SEA

• More utilization of market economy• Rapid economic development on attracting FDI• ASEAN • Relatively abundant natural re-sources

• Vulnerability to external factors • Weak own technology development• Lagged behind of the Northeast• Corruption

NEA

• Development of its own technology• Rapid industrialization by strong government-led policy• Hard power

• Lack of regional institution• Moral hazard (Bureaucratic finance)• Limited natural resources

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National Savings Rates (% of GDP)

0 10 20 30 40 50 60

Singapore

China

Hong Kong

Thailand

South Korea

Indonesia

Taiwan 20011995

High-Tech Export (US$)

Reprinted from: Ismail, M. 2013. p.3. 55

R&D Expenditures in Asian Countries (in US$ million)

Reprinted from: Ismail, M. 2013. p.5. 56

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Major Foreign Holders of U.S. Treasury Securities, 2008

0 100 200 300 400 500 600 700

China

Japan

U.K.

Caribbean Banks

Oil Exporters

Brazil

Hong Kong

Taiwan

Thailand

Singapore

Korea

Billions

Wage Comparison

80.8

42.5 41.5 37.4 35.2 35.8

18.1 17.8 14.7 13.7 9.5 8.7 7.4 6.9

0102030405060708090

100

Wag

e L

evel

s (U

S$)

GrossNet

4

Note: Cities ranked according to gross value of index Source: Thai Board of Investment. UBS/Prices & Earnings March 2009 update August 2011. 58

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Corruption Perception Index, Selected Countries, 2006 (10 = the least corrupt)

0 1 2 3 4 5 6 7 8 9 10

Finland

Singapore

Hong Kong

United States

Japan

Taiwan

Malaysia

South Korea

China

Thailand

Philippines

Vietnam

Indonesia

Myanmar

Challenges of Continued Global Economic Uncertainty

• Fiscal crisis in the euro zone + Policy uncer-tainty in US

Impact on Asia-Pacific• Decreased economic activity through

the trade and finance channel• Estimated regional GDP loss of 3%

since the onset of the global crisis five years ago - $870 billion

• Loose monetary policies, quantitative easing (QE), of the developed world

Impact on Asia-Pacific• Short-term capital flows volatility• Rapid short-term currency apprecia-

tion• Food and fuel price volatility

Impact on Asia-Pacific• Poverty and inflation

Export growth

-100

102030

4050

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3Pe

rcen

tage

(yea

r-on-

year

)

World Asia-Pacific

Vulnerability Yardstick

0 100 200 300

Republic of Korea

Malaysia

Indonesia

India

Philippines

Thailand

Kazakhstan

Russian Federation

ChinaLeast

vulnerable

Mostvulnerable

Source: ESCAP 60

New Development Paradigm in Asia-Pacific

• Investing in social and environment pillars fortifies economic pillar…– Leads to sustained, inclusive

and equitable economic growth• Grow now, distribute + clean up later

is not an option• Critical for sustaining region’s dy-

namism

Source: ESCAP61

Reflection on Southeast Asia

Southeast can be proud of ASEAN.

Once, they achieve industrialization up to a similar level of the Northeast Asia, the region can be another hub in Asia.

Resources, human or natural, are the main source of competitiveness of the region.

Thailand, Vietnam and Indonesia will be eventually the three leading coun-tries.

Korea and Vietnam can form special alliance because of many similarities and mutual complementarities. If Korea can form strategic alliance with Vietnam and Turkey, three of them eventually emerge as another power in Asia.

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ReferencesASEAN. 2012. “ASEAN and Dialogue Partners”. (Google,PPT)

Chandra, Alexander C. “Political-Economy of ASEAN and APT”. Institute for Global

Justice (IGJ).

Kumar, Nagesh. 2013. “Economic and Social Prospects of Asia and the Pacific: Focus-

ing on Inclusive and Sustainable Future”. ESCAP. (Google, PPT)Ismail, M. 2013. “Innovation and High-Tech Trade in Asian Countries”. University Putra Malaysia.

OECD. 2011. “OECD Development Centre Medium-term Projection Framework

of the Southeast Asia Economic Outlook 2010”.

SaKong, Il. 2006. “Enhanced North East Asian Economic Cooperation towards the Ul-

timate Goal of East Asian Community”. Japan Center for Economic Research

(JCER).

Vannak, Chhun. 2006. “ASEAN Structure, Policy making process and ASEAN Mecha-

nism: ASEAN Charter”. Pannasastra University of Cambodia-PUC.

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