 Hello and welcome. Thanks for joining us. I know it's quite a late session. I'm glad the room is filled Now globalization meets a reset Given the collapse of TPP a US that's retreating a China that's expanding its influence new approaches are needed to I guess explore the opportunities to trade and Navigate the risks add to that we have rising protectionism populism Not to mention great disruption caused by technology the fourth industrial revolution It is not the world we knew before So what does it all mean for Southeast Asia the ASEAN region and what does it mean for trade? I'm very pleased to Introduce to you our panelists today Pancer as a minister of commerce Cambodia a rancher Gonzalez liar international trade center Vivek Bhaktia Tizen group Asia Pacific William Maloney Right at the corner there Well World Bank, and of course we have professor Shirley from the Institute of World Economics and Politics Chinese Academy of Social Sciences Now it's been a hundred and ten days since Trump took office What is the sense out there? It's a greater optimism about free trade or not? I'll go with So I Guess it's the inevitable question these days when you go into a session on trade What is the Trump effect on trade? I think there is something that? That the debate in the US has brought home, which is the difficulties We have in our societies with managing globalization and it's not just trade It's globalization because I don't think the driving force of globalization is trade is it's called technology But what the debate in the US has brought to us and not just in the US in the US It's heat Europe, and in my view is going to spread beyond The developed countries is that we have to pay more attention to how we distribute the cost and the benefits of globalization And this 1% versus 99% is not sustainable in the long term now That's where I think the debate has been good Where I think the debate is a bit more mixed is in what kind of response we provide to this question of Distribution of the cost and benefits of globalization Some think that the answer to this is to put protection is measures at the border mean youth trade as a means to cure that address that challenge and others say and frankly I put myself into the second category is not about Essentially, it's not about trade policies. You can't plus minus correct the trade policies, but it's got to do with a very heavy difficult domestic agenda that works on building the competitiveness of your economy the skills in your people the infrastructure and the soft and hard infrastructure that will Allow you to better manage the challenges of globalization so from where I see it trade protectionism, which is what you want me to address in my comment is the Intellectually lazy way to address the much deeper challenges that globalization poses to us your views William from the World Bank I mean even g20 pull back on its comment of protectionism. I Don't know if it's a view of the World Bank per se, but I I think we do have to take a long view of of this process of integration of a time What we've seen in terms of trade integration and investment integration over the last half century or so has been tremendously good for developing countries obviously and I think that wasn't just done because governments thought it was a good idea There were strong forces In the economies of the advanced countries that find it very beneficial as well And I think those forces are still there So I think we would take a longer view and don't Don't assume this is the end of the of the of an open world I think we'll be better off, but I have to agree with Arancha that We need to prepare The economies that are opening for being open and I'll just give you One example of it if you if you look at the world management survey, which is conducted by Stanford and now MIT Singapore and Japan and the Asian countries are quite well managed have very good firms I mean the important thing is that nations don't trade firms trade, right? And so you have to have firms that can take a long horizon that can strategize can build a workforce and have a HR policy to prepare them and most countries at the level of say Vietnam or Myanmar don't have that So if you really want to have a dynamic response to trade trade Trade agreements open the door, but you have to have firms that are capable of going through that door And that means getting their skills up as managers It means getting this the workforce up to speed and it means having the rule of law so that firms can grow It means a whole set of behind-the-board or things which I think we may be losing sight of a little bit as we focus entirely on on trade Agreements themselves. What is the private sector perspective, Vivek? So, you know from our point of view very clearly we support trade free trade And in a way, it's good simply because it allows efficient allocation of capital You know, you want to have resources placed in those locations where they are most productive and Ultimately that's good for everybody involved. It's good for the consumers because they get cheaper prices It's good for the economy is where those investments go in because you know, obviously they're contributing against their sweet spot But it does come back to a question around skills, you know When you look at a particular economy and you want to invest It's really a question of locally do they have the skill sets to be able to deliver the kind of products and goods and services that we are looking to manufacture and That's where I think part of the issues around trade emerge because many times people have the feeling We have a huge population We have a huge market and we want to reserve, you know, the benefits of production within this Construct, but that's not always efficient and that's not always desirable So in that sense, I think trade is definitely very much required But it needs to come with the thinking on what are there for the associated skills That need to be developed rather than use trade barriers as a means to enforce local Investments focus more on the skills and the ability to produce more effectively Rather than, you know, create barriers to to create artificial Bases for attracting investment, you know when TPP collapsed when the US pulled out of TPP in met headlines But does it really matter? I mean TPP now we're talking about TPP mine is one, but even without the TPP. There is our step. There is a EC What are your thoughts on it minister? Well, you know from the component standpoint When TPP was was alive and we have done studies for Cambodia and we we have a trade erosion for about 30% Because of the fact that the most straight will go to Members of TPP would go to members of TPP. That's so our trade will we lose we combine will lose So we were we were quite concerned and we we tried to you know I was my I did try to raise up the awareness to the leaders and leaders is aware of that and they were They were really concerned in Cambodian standpoint and but Just stop that and looking at Cambodia's is supporting the regionalisms. We we don't want protectionism at all in these of yards So you can see what I'm saying here that if TPP is collapsed Cambodia is happy Why because we can we can prosper we can prosper as we go along especially from our government we we we've done a quite a good Revenues for about 8 billion US dollars per year exporting to Different countries to to EU or to the United States and so on but this one here That's why we see that okay, Trump was not doing it for Cambodia, but Trump is doing for himself for the US, but here this is what affects that we feel Going on the that's why asian as a whole now looking and concentrating themselves to make asset works Asset is regional comprehensive economic partnerships, which is asian plus six Six is China India South Korea Japan Australia and New Zealand that will it's asian and which Asian centrality with as in centrality. So everybody's is working with with consensus and working and This sort of potent impetus and also accelerates our negotiations of Asset and I believe that it will be finalized at the end of this year or so And and we just want to show that okay Regionalism is working and and we are working side-by-side together that wouldn't stop the the the former TPP or failed TVP to join us later on in the future and We are very optimistic on creating rate this kind of trade because it Incompassed about half a million half of the people in the world This is our set. It's actually a lot bigger than the TPP. Is it possible that our set will be rushed To show momentum for free trade professor, I strongly believe this Asian get a lot of the benefit from the globalization and free trade But nowadays it seems to me it's just a small zigzag of the globalization For this one, maybe some country leaders they change the new Administration they have a different view of the globalization, but it's just a small zigzag Temporarily in the long run. I totally agree with the Miloni No, he's from a different country and I'm from developing country, but we have the same for the globalization, right? So because Not only even for the United States for the Trump administration, I Believe TPP is clever but not diet Because the general chain of the free trade is in line with the general main interest of the most countries in the world Also of course is in line with the Industry like the advanced in the manufacturing industry like the IT industry only problem with this With with those We call it a blue blue neck of blue collar blue collar they because they are ignored for a long time Nowadays they speak out so government Nick pay attention to them, but in the long run They will also get benefit from a globalization rather than be damaged by globalization not to speak the New emerging economy like as young and China both of us they get benefit a lot from this one without Free trade is hard to imagine it. What will happen in the world? Aron should you agree that our sub will gay momentum? You see first. I I'm not so sure that TPP is dead I mean, I don't know if you've read a very interesting op-ed written by the agricultural Secretary of the United States does morning in the world tree journal title of which is Famous in the US know about the benefits of trade Yeah, so What I've read You know, whatever we can read at the moment in what we hear is a preference to go and negotiate the steels on a one-on-one rather than as a group Which to me seems to indicate more a question of how can I maximize my leverage rather than I? Don't want these agreements You see the reality is the TPP and our sepa to different animals TPP is smaller in Participants deeper in content our sep is larger in participants shallower in content In my view, it's a bit early to say that TPP is dead and you can see lots of people agitating it and Trying to if there is a minus one add a few others in the hope that what has been negotiated Associated remains as some sort of benchmark at least on the rules part, which is where the agreement is a bit noble And I agree with our colleague Lee that our sep is some is a project that existed In parallel with TPP was never to be an alternative. It was a bit of a parallel track And in my view just depends on who's in the driver's seat In our sep the drivers the drivers seat was pretty clear from the very beginning But I think irrespective of the acronym we are talking about, you know trade is only an increase in the region purely because if you look at ASEAN regardless of whether TPP is alive or dead or because they're alternative Because exactly because you know if you look at ASEAN as a region it needs a lot of infrastructure investments, right? It needs the ability to access technologies and you know somebody bringing those equipment in Irrespective of whether there's a trade deal or not for economic prosperity all of that has to happen right infrastructure has to be built and they're definitely with The kind of vision that China has articulated and the investments that they've put behind it I think that flow of trade will happen irrespective of whether you have a RCEP or not You know you see that across countries in the region, you know There is active bilateral discussion almost every other day Somebody else or the other is announcing multi-billion dollar investments coming in Curtsy China, so so I think that trade Is on our on a roll on itself What I personally think more deeply about is intra ASEAN trade and how do we open up within ASEAN a Bigger market more unified which allows local players in ASEAN to scale up and and Really build competitiveness to be able to operate on the world scale Because individually these are all tiny markets They will never have the capacity to be globally competitive if we don't create a more unified ASEAN and to me That's the more interesting question to consider It's a working work in progress The integrations we we know that there's the intra ASEAN trade is still low But the ASEAN member states is looking into that they even looking into the barrier of Each countries how we can take stocks of that and we can remove it see stigmatically This is the initiative that we we need to do you need to know that the ASEAN integrations of course it started in 2015 and of 15 but it's actually not a hundred percent yet It's probably 2020 which we have a complete Cambodia has a has a leeway because of LDCs We are LDCs and then we have a lot of proof a lot of Grace fully implemented by 2020, but how effective will it be we talk about intra ASEAN trade currently stands about 25 percent? How much growth how much momentum how much more? That's the pen of the infrastructures legal frameworks, you know, I think that's you you're right. I'm supporting you you're you're you're You're you're thinking that we need more infrastructure physical infrastructure Which we haven't done that, you know yet the linking the connectivity, you know talking about physical and also electronics Which are very important for for for intra trade to works and we're talking about E as E as Ian Task E as Ian kind of things, but still it's not working. I would like to talk about going back a little bit on the Why why you think asset will work because just to think logically that we we even now we do We do export More to China Then China import to to to ASEAN That's give us more impetus to get China in into asset So that even we can do more things more trade with China to increase this kind of trade Right now right now not you not even have China in asset You're not having China in as part of of the whole regional trade, but we are making we are doing more trades with China So I we expect that trade will go up also with China in this so this kind of this kind of Looking outward Looking in the future is very important Is it fair to say that if our SAP takes off the biggest loser could be the US it would be very difficult for American companies to be integrated No, I'm not sure I can read facial expressions Certainly the United States checking out of of TPP has put them a little bit behind the curve But again, you have to take a long view of these things There are other there are other games in town There is an EU Japan free trade agreement in the making. That's a game-changer Because all of a sudden part of the TPP, which is to do the agreement with the country that was not Part of your network of free trade agreements in this region all of a sudden your competitor gets a comparative advantage Vietnam European Union free trade agreement Vietnam was another reason why TPP was of interest to the United States So there are many different games being played here in Asia that can change a little bit the posturing on on trade agreements and can maybe reconcile geo politics with geo economics But you know When we think about trade, I think we also need to differentiate the two levels one is, you know, the blue-collar work That's one of my one of the panelists here. I'm just mentioned But there's also innovation driven trade Right and if you look at uber and the rate at which they have scaled up, you know RCEP or not TPP or not WT or not They would have done it and they would have scaled up just as fast if you look at Pokemon Go I think within six months they reached 1 billion USD of revenue now, you know, and they cut across borders So there is technology and innovation which will break through all barriers simply because people need it People want to benefit from that technology and you could put up tariffs or anything, you know People will still buy an iPhone for example, right? so So, you know, there's the innovation angle which sort of skims through all of this and then there's another level where people really Talk in hyperbole about, you know, you call a work and what that means for for some of the other stuff Which I think will remain a topic for debate, you know, whether irrespective of whatever we think about The US president Trump, you know at the end of the day people voted in the US On on certain topic with certain beliefs and you know, those beliefs don't change irrespective of presidency, right? Who's on the seat? So the political narrative will follow what the people are talking about and thinking But nevertheless, I think the differentiation is important, you know technology will continue to permeate Innovation will continue to permeate across borders irrespective So to answer your question US with a strong innovation bias will not necessarily lose. I mean those forms will continue to prosper Driven by technology. I want to touch on the role of China with the US retreating China's actually expanding its influence and China Xi Jinping has talked about The China solution for a lot of the problems. What role do you see China playing? I think the general speaking China will try its best to play a positive load of global globalization and What what economy grows by different ways for instance? General speaking now we have the one by one load Initiative which is a whole package. You can put everything inside, right? But mainly focus on economy China now make the one-third of the World economy groups, right? One-third that's the most important factors for China So nowadays for China in what you need to do in economic side is to promote the free treaty Which maybe is not so in line with the Developed country. They now talk about a fair trade Fair trade and free trade because all the developed countries are good at making Coins very new terms look very nice, right? But this one we have some small contradiction But we still share some the same things this one and That's one thing another thing is I think Nowadays because China is very rapidly Globe in economy, but in general speaking China is still at the Middle and the low part of the world manufacturing change Which makes China have no choice but go further in the process of the globalization I will have a two points make another one is that Driving seat problem another one is the trumps the Load of what Development I According to my research, I will believe that Trump when you talk about the President Trump We need to go back to his one of the job written by him in the 20 years ago the art of the deal In his perspective everything can make a deal Just general speaking not everything like a Taiwan issue. It's not it's not it's it's it's wrong to put on the Table for the for the for making deal, but I I I I also don't think the United States will go back to the isolationism or just to be What she won't just get more relative gains because his Trump said United States Pay so much Contribution to the world, but what he get is not enough. There's a relative gains according to economy not enough. We need to get more Gains not only in absolute games. We also need a relative gains That's one thing especially for for the manufacturing industry one thing another thing is a driving Driver seat driver seat is a good word, but it's not a perfect word I would like to use another word. There's horses in front of the wagon Not only or not only one horse Sometimes we need some horses to cooperate to make the wagon go very smooth and fast Maybe this this horse now is get is tired. Okay another tool horse make make Work better harder to make things go smoother. I would think general speaking of course As young is still in driving seat maybe in in some aspect like what he said in the different Sectors India or China Were playing more important load in the future, you know, I was gonna ask sir Were you gonna say something? I was just gonna say that Part of what you're saying about Him being a deal makers How he defines himself for sure, but he was also reacting to something which I think we have to watch more carefully Which is exactly a large fraction of the advanced countries are or the blue-collar workforce in particular is Is actually feeling the heat not so much from trade. That's a chunk of it but from the general move towards automation and and and the like and The Fair trade discussion is actually partly displacement of the concern about Automation alike so I was gonna ask if China is creating a new world order, but Iran just gonna say China's not interested in any order No, I think what we are seeing is a more assertive China Overall good or bad thing. I think it's good because when you represent 30 percent of international trade When you repeat when you are the largest emitter in absolute terms of CO2 when you are When you are sitting on massive amounts of reserves that you want to put to good use outside your country It's very good that you become more assertive and that you become more interested in International affairs and that you become more clear About where you see it now we are I think we have to be clear Is that China is not doing this out of some sort of naiveness or generosity is doing this because China thinks this is essentially in its interest Just like the US when he does it it thinks it is only in the interests of the US It's not any difference now, of course When you are again when you're big and you're playing this and you know, this is in your interest It's likely to create some frictions with people around you and what we have to do today is Manage these frictions that are the result of this huge insertion of China into the world Not just the world economy, but into the world just like we've seen this with other countries in other moments of our history What would you like to see from China to match the rhetoric that we've been hearing? I mean, I think we are seeing we are seeing quite a lot of deeds put to the words When when China says I am not going to pull out of the climate Paris climate agreement Because it has already started a transition to a more economic In co2 emissions production system. I think it is doing it. It's not just that it is saying it. It is doing it And again, it's essentially in its interest, but by the way, it does it does a Great a good to the world if it reduces its emission when it's the largest emitter of gases today So we may not agree on every point and I'm sure that if we open the discussion and I mean Pan pan and I were just a minute ago in an intimate discussion with ASEAN leaders and they are tonalities and they are especially in the geopolitics certainly in the economics aspects that Some countries would like to see China do differently, but that's the spark of what we have to manage today in in in this World that we live in that is no longer bipolar is multipolar and it's this Multi-polarity that is extremely difficult for us to manage because we are not used to having to transact with multiple actors on multiple points minister Yeah, I just want to continue. I agree with you. What you're saying there I don't have to I don't have to like more but then One mentioned about the free trade and fair trade, which is very sensitive the the the fair trade However, you you you mean by that but put a lot of conditions to to smaller countries and to ASEAN as a whole In order to build for nation buildings We need assistance. We need funding from other countries and mostly from Western countries not In the past when we start to have it more from China now This kind of thing here China. I haven't feel that you have fair free trade, but if with a lot of a lot of well, Western countries put trade They want to be fair which are and then then like human rise and those things which it's it's How would you say double standard kind of things, you know, we're talking about When when the US bomb come Cambodia, you know 30 years ago and kill All of us, you know, some of us millions and You call it human rights Protections no they haven't thought about that so Why you you kept keep thinking about now you need to have okay conditions this Conditioned on in order to get get the fundings to to to build our nation from war from destruction from war and that's that's the Some kind of doesn't make sense, you know, and I think it's voice the leaders voice that How much can be achieved from one belt one road because earlier we talked about how infrastructure is essential for trade to take off William Have you been encouraged by I mean from what we know what since its inception in 2013 about a billion dollars worth of deals have been signed Yeah, I mean I think the bank is overall really supportive of that of increasing integration Generally at the the obviously the vast amounts that are made invent being invested infrastructure Are a big step towards towards doing that Again these things open the door, but you have to have for each of the countries that is touched by it There needs to be a lot of behind the border preparation for them to take advantage of it No, I think in general it's very It's a very positive development in the sense that if we look at all the markets which are going to be affected they needed infrastructure investments anyway and What it does is it creates access to markets it creates access for people to new technologies It creates access for people to better health care. And so in that sense, I think infrastructure investment is always desirable I think what everybody has to Think really hard on is as we do these infrastructure investments We don't just do it for the sake of it, but rather focus on where does it create most value, right? What is the right rooting which really benefits local? Communities in the best possible way and how do we make sure that there's a win-win on top of? You know just a pure creation of a road or some infrastructure What's the sense of getting is it a win-win? I know there there's some criticism out there saying that you know when it comes to one-but-one road China is just exporting talent is not creating jobs jobs are going back to the Chinese I mean is that is that a fair observation? I don't think so It's up to us to tell them what we need to do To build a nation to build the countries, you know, we need this and that it's not the conditions You know you say we would like to have To build an expressway Okay from here to here and if the deal is right and they build it so I don't think that you They dictate any things, you know so far right now This is how I feel yes, I can I like to make a follow-up because I visit the some economic development zone in Africa in Cambodia in other countries I also Research one by one over three years. I have published two books later I will give you one some some articles in English according to my research most of the Critics, they never make the real feel work before they Raise the criticism. That's one second one. I will tell you some I will tell you some case one case just I Some days ago I visited Seattle economy is a special economic zone there totally employed 17,000 workers and Then most of them are Cambodian not Chinese for instance one company they export Back to the Europe to EU There are four four four hundred workers. How many Chinese workers there only nine Another case is in the in the in the Oriental Economic Zone in the in Ethiopia Areas Ababa they export the souls to the United States. They employ the six thousand workers How many Chinese? 14.1 One Chinese 40 local workers That's the fact It maybe in the future you call it make make some survey on this case. I will tell you the Address for further investigation fact matters It's it's a demand driven. It's you know from from a country like Cambodia and we met I have a chance to met to meet the President Xi Jinping with prime minister. He said tell tell us what you want We'll have it's not that okay. You do this and this and It's it's yes, it's a request. Yeah, that's an orange. Yeah, I think Infrastructure is both hard and soft infrastructure and this is the only message that In our discussions with China. We are emphasizing a lot. I will be going tomorrow when this Summit is over to the one-belt one road summit in Beijing and the message that I will have is hard infrastructure The roads the rail links the digital connectivity is very is a necessary condition But it isn't sufficient if you do not build the competitiveness of the companies that will use this hard infrastructure And this is why it's very important that the initiative Caterers for both the heart but also the soft infrastructure and I think this is something that China has integrated into its own tools and it's paying more attention to building entrepreneurship quality Skills and all these softer parts that would help us put the hard part to good use And I think China has great experience in doing that if you look at the China story I think it's not just about pure simple manufacturing or infrastructure. It's really an amazing story of how they have built capabilities built skills built expertise across a variety of industries and that is really what makes it so remarkable and and Definitely through the one boat one road one belt initiative Everybody's going to benefit as a consequence, you know as the hard infrastructure comes in the soft part usually follows so from that point of view, I think it's definitely a positive development and You know as I said earlier, it's not really a question of whether trade between China and ASEAN is strong The the real thinking has to be now as a next step within ASEAN. How do we? You know really leverage the unique capabilities within each of the countries in the region. Let's address that issue How do you think that can work better? Yes So on this one at least From where we sit in the International Trade Center. We've asked businesses We surveyed businesses in this region in Cambodia in Thailand in Indonesia in the Philippines And we've asked what is it that is holding you from increasing your intra ASEAN trade? And the answer is very simple non tariff barriers Tariffs today are one to two percent of the costs of doing business doing trade in ASEAN but the non tariff barriers is 20 to 30 percent and By the way this 20 to 30 percent is an impossible barrier to jump for 90 percent of businesses Which are small and medium enterprises so non tariff barriers procedures the standards quality Regulations that's where We need to go with a screwdriver and tighten or loosen the screws To make this intra ASEAN work more For the 90 percent of his business minister you're been in discussions. Yeah, the from the last last week ASEAN summit in Leader summits in ASEAN leader summit in vanilla. We have decided with the Malaysia is Heading that we're gonna stake stocks of what is tariff barriers in in ASEAN, you know countries So we will work on that we try to remove it systematically like I said and see how we can combine or compromise So I'm really happy to see this, you know that something is working or something is taking Initiative, you know Malaysians the Prime Minister's of Malaysia is taking these initiatives and we agree that Let's work on that and remove it step by step Of course, though, you know, if you don't do it looking in as a whole big pictures You wouldn't see what's going on because each of each one of us in the country is trying to protect ourselves from from from other trade outside, so I'm Cambodia is happy because why because we would like to To move our our our goods and services as As fast as possible to other countries like China That's because right now we have to use You know other countries near the neighboring countries to To move our goods and services, which still have some areas At this stage, I'd like to open a discussion to the floor if you have any questions Please raise your hand and I think a mic will be coming your way Please Could you just hang on? Thank you. Yeah, probably I'm the President of the Eurocham in Laos I have a question About the smaller countries in ASEAN What we see ASEAN is now that some of the bigger countries have bilateral trade agreement with the EU What we are concerned is that with the development of ASEAN the gap widened between the big countries and small countries in the ASEAN long run and That it would be very difficult in the future for smaller countries to attract FDI because of that widening gap and Disadvantage that the smaller country would have regarding to the bigger countries How do you see that? Would you like to address the question to anyone in particular or aren't you would you like to take that? I think Pan is the minister of the country I can sympathize with him You know Laos and Cambodia Laos is landlocked countries in ASEAN and Cambodia also has a small economy, which we really worried all the time that you know Countries within ASEAN is doing FTAs without you know like EU with you know other countries bigger countries, but That wouldn't stop them I say that that's their free choice It's up to us. It's Cambodia is working on opening up more markets We are working FTAs with the Eurasians European, you know AC we call you know The former Soviet Union's which has huge It's a huge market and you haven't tapped that yet You know, so I and we're working with other countries as well Belarus and so on but So I think you have to take initiative Because the fact that we how can you stop other countries not to do FTAs with other countries other regions? I believe that this came out from us. It came out from to to to to find other Possibilities in For our markets, that's what I can answer to you because I cannot tell that You can avoid that because that's that says sovereignty I mean personally, I don't think it's a question of size, you know Otherwise Singapore wouldn't have done what it has done over all these years. You know, they're really tiny, you know and South Korea wouldn't be as Successful as they are sitting between China and Japan. So it's not a question of size It's really a question of skills and capabilities, you know, if if you know if you ask a farm Why would you invest? You know, it's either it's a huge market or there's huge skills Which make it competitive to do something in that country. So so I think the answer is really to focus on What are your core competencies? What are the skills you can incubate? And then business will come It's as simple as that, right? I Agree with you on that, but what you're seeing is we have to take initiatives Correct on looking at each one of your weaknesses and also just your strength That was a question Hello, good afternoon. My name is Jain Piamido. I am a global shaper from the Philippines I am also the founder and the executive director of a foundation that is used for his initiative Philippines Incorporated actually This is a very good platform because we're having a global discussions regarding how are we going to Rating about the retail trades on and so forth But I would like actually to root back on how are we going to strategically position young people? Like for example in the ASEAN integration and then the regionalism and everything about involving trade and anything about that like for example in our Our company we have productive file We're in we would like actually to produce local products and bring that to the global market However, we don't know actually what is our role in terms of you know with the ASEAN integration So that's my question. I guess she's talking to me. I can tell well, you know For small companies like SMEs, you know and also for export goods and think and services goods then We're trying to do what we call single windows, you know as in single windows and then it's being it's a work in progress also because we each country try to build what called national single windows first and then we will combine They all harmonize and then in that you have a whole rules rules and database that Gentlemen can can look into it and what we can export and what kind of a terrorist and and so on so forth and You can check the ASEAN secretariat on this in Chakara or look into it in the internet What I can do what I can suggest is working on the e-commerce You know you try to develop that and e-commerce is not just in activities. I think it's a catalyst for change to to develop trade to develop SMEs to develop entrepreneurships because it it it has a huge spectrum of of Pushing and pulling you know trade into bigger pictures especially for young entrepreneurs and and so on so my suggestion is perhaps maybe Looking into into those those aspects and then we can we can move things forward. Cambodia is really keen on we are chose we are selected as a pilot countries in WTOs and on tap as part country for E as e-commerce and Also, we are part of the what we call friends of e-commerce We are really active in trying to make sure that the using e-commerce as a catalyst For growth for trade for gender equality for you name it, you know the whole thing Thank you and just to follow up by 2020. I think more than 50% of the population in ASEAN will be millennials. I mean is there considered effort to For them to be contributing to the economy and to trade is there a framework that the organization has come up with or considering? There's a there's one pillar talking about culture and education That's there that has specific principle and guideline to develop this for young people It's it's in the ASEAN charter so we're looking and not the 2025 2025 and how how we can move the ASEAN forward? I Invite you to take a look at that and see if it's this all in the only details trade culture and Investments and and the infrastructure. So this is it's very very very detailed things that I believe that The ASEAN leaders have long visions not just for 25 years down the road is probably 50 years like somebody said 50 year more and even when 100 years more down the road. Thank you next question No question from the floor. I'm gonna touch on then Hi Daniel Moss Bloomberg full disclosure Moderate I Heard a little bit of this, but I wonder if the panel wants to expand upon it Should we challenge the assumption? The globalization is in retreat. There's been a lot of talk about things the new administration in the US has done But there have been some things they haven't done What haven't withdrawn from the after? Haven't labeled China a currency No tariffs on China Hated XM Bank now we love XM Bank It's worth talking about the things that haven't happened Well, I what I would tell you is that I totally disagree with the fact that globalization is in retreat globalization is not in retreat What is different is the answer we give into globalization and the reason why globalization is not in retreat Is because it is driven by technology and technology is moving today As fast as any in any other point in time in history and this is the slowest It would be if we look into the future and this is what will is driving globalization now what what changes What has changed is the answers that governments and societies have given to globalization you have societies where The the challenging and the questioning of globalization is much lower in the developed world take Canada Why because the distribution all the effects of globalization have been better managed You want another example take the very healthy debate that has taken place in France with the in the recent presidential election Where the candidate that has said? Globalization is here and frankly. Let's look at whether it's bad or not has been elected president So I don't agree that globalization is in retreat But I think we have to be very careful with not pretending that globalization will self-manage We have to give it answers. We have to harness it. We have to provide Let's say measures to ensure it benefits for the the the costs and the benefits are shared in a better way One I probably agree with you But I do think there's something we need to to worry about which is that across the advanced world There has been a polarization of the labor markets where we're losing a lot of the middle-class blue-collar jobs and some of those have shown up in places like Like Vietnam and Cambodia and you can see that the reverse process is happening But as long as that's happening and it's largely driven by technology not trade per se, right? But trade is going to take some of the brunt for that, right? So we have to be a little bit careful That's we're clear on what's driving these trends and that societies around the world are Developing safety nets or or or programs for mobility to deal with that so far these technological displacements of particularly Assembling assembly work and all haven't affected the developing world It's showing up a little bit of Mexico a little bit in Brazil But with the advance of robotics and all it's not clear that what that the developing world will be immune from those those effects as well We have just enough enough time to do a wrap. Let's go Down the line or in circle. However, they may be the key takeaway from today's discussion minister. I believe that we are sort of understand each other, you know for that globalization is still here and Cambodia is one of the support of big supporters. I Think that your key concern would be key concern globalization is probably not enough funds to build up the interconnectivities and To to make trade works I think that's just a matter of time working with you on soft and hard And so we can combine that and and to make trade and the globalization we believe that globalization Regionalism is make trade works and give more jobs and I believe that it's not over. This is small economies It's cannot be part of the globalization of other big countries. That's not true because we can contribute It's part of I call Complementarity of things, you know, we can do more things we can we can build Car seats we can build wiring to be part of the big components of automobiles And then this kind of thing here will be part of the whole big thing. It's not made in Let's say Thailand. It's made in ASEAN. You know these products coming out So this is regionalism here should help us more and Then to create more work or more jobs and also like my prime minister mentioned about his Education so it's sort of like give us a platform to learn more Ask to learn more from other peers other groups or people who are already more advanced In in their technology on their education. Cambodia is not really Scared of jumping into I usually call the big Boy playing field we jump in and let's see how we can do and then it takes a while we Takes some time, but we know how to do to get to play the games. That's something that we believe and talking about the looking in Most of the people around the world is worrying about what trumps is doing what trump did but for the past 100 years you like Sorry past 100 days Like you said that we we see trump sort of sort of stabilizing himself on making decisions not jumpy or not making decisions on Different things for we believe that it just a spike in the American histories because we have We look in the past in American histories as there's Provisions and on those things, you know and then so There's some spikes there and perhaps maybe we wish that It's coming back to to the real world. Thank you Well, my key takeaway is that if we want globalization to work we have to invest in people We have to invest in empowering the youth the men and the women We should not be forgotten. It's 50% of our economies and very often Not necessarily at the center of policy making We need to help them empower them to be able to adapt and adjust as globalization Obliges us to adapt and to adjust. That's in my view what we need to have as the top priority. I Totally agree with the rancher for us as a business, you know capital today and today's environment is not the issue. It's really capable skilled people and What is also challenging is the rate of change that we see in the industry and the skill sets, you know 10-15 years ago have evolved and what you need to be successful today is very different From what it was in the past and so there's this need to constantly invest in upskilling To be ready for the new complex reality of the world So that to me is the biggest concern but other than that. I think globalization continues and And and it's a strong positive that it continues because ultimately it benefits everyone I would like to say that the economy ornament Steve was served as the key tone for Asia Pacific area especially for ASEAN and China also India For those aim we need to do things one and just like ladies education Very important which were changed in life and another thing is some Manufacturing industry and infrastructure is here serve as the critical factors for economic development for this one I think we can do much more if you don't have the manufacturing products is very difficult to change the Chate deficit deficit from ASEAN between ASEAN and China This one is needed and the second one. I think as for China. He also need on the one hand You need to make some the contribution for area for another hand China need to keep the low key to land Value from the surrounding countries ASEAN countries India as well as from different countries. Let's Let's really is the important the factors that make China grow Sustentially and last for long. Thank you. It's quick again. Just repeat and take the long view of these Processes because I think they are long view Second is again and has come up with capabilities both on the worker side But also on the firm side, but I can expand that further to say that Societies need to develop the capacity to manage a risk Getting firms to invest in technology invest in in physical capital requires is fundamentally a bet Entering a new market is fundamentally a bet So we need to train our firms to manage risk and to have financial sectors and other systems that manage that risk Other things for instance getting back to the youth issue. I was working in one ASEAN country where there was a High-tech incubator, but every time the kids filed for a patent it got stolen by the government Or at least that's what they told me, okay? So all by way of saying however apocryphal that is is that you know intellectual property rights regimes matter Also to get people going so all those things we need to work on and just sign in the agreement ain't enough So it's a big job and the third thing is don't underestimate right now ASEAN has Moderate safety nets as things become more sophisticated as people accumulate more human capital as moving from one job to a second appropriate Job during a transition becomes harder. You will need those safety nets to work And on that note ladies and gentlemen, please join me in thanking our panelists today and thank you for joining us