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Hello and welcome.
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It's so great to be with you here again today.
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Today we are talking about the age of Asia.
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By any stretch, by any measure,
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this is the age of Asia.
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China, the second largest economy of the world.
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India an emerging giant.
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The East Asian nations continuing strong.
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And in the middle of it all,
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is the 10 nation block of ASEAN member states.
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ASEAN really matters, not just for each other,
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but for the global economy.
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We want to understand how the age of Asia
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translates to the age of ASEAN.
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And I cannot think of anyone better
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to talk about it, than His Excellency,
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Deputy Secretary-General of ASEAN,
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DSG Satvinder Singh.
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We have Satvinder Singh here with us today.
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Welcome DSG.
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It's such a pleasure to be here talking to you
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about these amazing matters.
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Welcome.
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Thank you.
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So we talked about the Age of Asia,
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and I know your interest is the Age of ASEAN.
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How do you at ASEAN view this?
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And what kind of opportunities do you see there?
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How does it connect to ASEAN's ambition?
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Clearly, we all feel
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that we are at the inflection point,
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where most global economies
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are also watching what ASEAN is doing.
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We are privileged.
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We have 660 million of our population.
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And most of them are very young.
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Our demography is actually very attractive.
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We are a region full of fantastic
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natural resources.
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A huge carbon sink.
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In fact, 36% of the carbon sink
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is in our region.
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And more importantly, for the last two decades,
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what we have seen is strong economic growth
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driven by strong fundamentals.
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All of the 10 ASEAN member states
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and their leaders, they're all committed
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towards driving this economic growth
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to better the lives of the people of the region.
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The region is today one of the largest
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recipients of FDI in the world.
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In the developing world.
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I think we have outpaced China
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for the last two years.
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And I hope that we can keep to that momentum.
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So, it is a huge momentous jump
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in terms of our ability
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to be relevant to the world.
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And the same goes for trade.
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Potentially when trade may grow by 1.2 trillion
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over the next 10 years.
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So, I think those are the fundamentals
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that are probably giving us
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that attention and the focus
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that you see in the age of ASEAN in Asia.
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Absolutely.
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In fact, our AI driven global trade model
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with over 500 million data points,
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shows exactly what you said.
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Which is, there's a 1.2 trillion
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trade upside for ASEAN in the next 10 years.
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What gives you cause for optimism?
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And how do you think of ASEAN taking advantage?
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The fundamentals in ASEAN are very stable.
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And this has not just happened
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in the last five years.
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It's been there for the last several decades.
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In ASEAN, we are very unique.
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It doesn't really matter
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which party is in power, in the region.
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Whoever is in power in the 10 countries,
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all of the leaders, they all seem to have
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a common concerted effort of wanting
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to generate economic growth for their people.
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Fundamentally it's the strength of ASEAN.
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But I think more importantly,
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we are at the crux
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where there are huge challenges
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that we are facing today.
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I think there is the need for us
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to transform ourselves digitally
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to make our people more relevant.
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At the same time, there's huge fundamental need
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for us to be decarbonizing our economies.
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To remain more relevant.
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I think the ability for the leaders
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to also not just look at growth,
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for the sake of growth.
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But also to grasp some
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of these new challenges into the thinking.
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And that direction coming from the leaders,
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the way we need to think
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how the region is to be relevant.
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I think those are fueling
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truly the foundations that I'm talking about.
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And those foundations are potentially
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going to be providing us very sound ways
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of bringing us forward.
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Not just in the next 10 years, but even beyond.
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Absolutely.
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And it's long range thinking
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that is so unique about ASEAN.
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So let's take the DEFA.
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The 10 Nations endorsed
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the blueprint for the DEFA.
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It has gone into negotiation now.
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And we understand that there is a commitment
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to sign the DEFA by 2025.
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Exciting times.
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Tell me more about the DEFA.
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What is it about?
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And how did you come up with it?
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The Digital Economic Framework Agreement,
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the DEFA, it's truly something
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we are very proud of.
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I don't think there's any region in the world
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that's been able to come together so quickly.
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And this is what the spirit of DEFA is.
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The ability for us to integrate
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our region digitally.
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We are already so strong
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in terms of physical goods,
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in terms of economic agreements,
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free trade agreements within ASEAN
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and with all our major trade partners.
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Now the focus is how
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do we get our digital economy
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also connected and integrated.
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And that's where we see the next stage
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of economic growth, you know.
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And clearly the DEFA is gonna be
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a very comprehensive agreement.
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It's going to touch everything
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from the movement of data,
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movement of payments across borders
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to setting up of harmonized rules,
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in terms of digital identities,
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trade digitalization,
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even the movement of skilled people
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across borders to support digital growth.
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We've started negotiations in December last year.
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We are confident that we will at least come back
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with a comprehensive amount of agreement
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on the agreement negotiated by 2025.
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And that is going to be helping our economy
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move hopefully even quicker.
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With DEFA instead of just growing
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from now to 2030 by $1 trillion,
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we are expecting that this growth
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could be even double or more.
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And the king in all of this DEFA agreement
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is also going to be the entire,
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what I call basically the e-commerce space.
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DEFA will be an opportunity for us to negotiate
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and to sort out some of the complications
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and challenges that e-commerce trade
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faces across our borders.
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And this is what we are excited by,
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that this is going to be the next growth
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fuel engine for the region in the coming years.
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I want to talk a bit about
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the process of DEFA as well.
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Please help me understand a bit
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how you came up with the DEFA blueprint.
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We knew we are dealing
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with different stakeholders.
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Different levels of developments.
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And clearly the notion in the past was,
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Oh, the developed countries in ASEAN
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are going to gain more from the developing.
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But factually we knew data shows,
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it is actually the developing countries,
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the LDCs actually have the greatest ability
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to be able to derive value,
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in terms of digital growth
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from an agreement like this.
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But we needed data.
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We needed to do a deep study
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to also ensure we had practical,
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real strong data to convince
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our leaders that this is the way forward.
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We needed to show them where the money is.
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Yes.
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Why must you sacrifice yourself and give in
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to what we are beginning to negotiate?
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I think this is where partnering
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with a strong knowledge partner
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like BCG has helped us.
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In a very short span of time,
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we were able to garner that data that we needed.
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The other important thing we needed,
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was we needed to go and scour
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what are some of the other
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digital agreements out there?
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I think there were roughly about 30 agreements
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that we made a very deep study into,
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to pick up the best practices
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of what we need to incorporate in our own DEFA.
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But the most important element
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of our journey was the ability
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for us to very quickly harness
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what the private sector wants.
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Both small, medium sized, large local players
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in the region as well as global players
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that are operating in our region.
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What is it that's going to make a difference
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in their decision making?
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And what are they expecting us to be putting
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into this agreements that's going to be impactful
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to their own growth and development?
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And I think once we had that information,
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and once we showed some of this clarity
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to the leaders, it was so easy
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for us to get the commitment from them
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that this is the way to go.
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There's no turning back.
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There's no regret moves in this.
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This is where we need
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to bring our region forward.
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I'm telling you, everyone is watching us on DEFA.
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And because there's nothing like it,
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so comprehensive in the world,
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everybody's watching.
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And there's a lot of stress on us.
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Every region in the world
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needs to look at digital agreements
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in the next phase of development.
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So, I think we are excited.
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This is one of the few times
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where we are in the front
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running and everybody's watching us.
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You know, we are not just waiting
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for others to do and then we follow.
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We are actually leading
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some of these conversations.
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And we could only have done this,
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because we have such a strong will
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from our leaders to do this correctly.
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And I can see it.
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I can sense the energy.
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And I can sense that it's a calling.
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It's something that you're really
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motivated to drive.
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But you also mention carbon neutrality,
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and I want to call attention
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to the data point you said,
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that ASEAN has 36% of the cost effective
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carbon sinks in the world.
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So, you are not just a part
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of the solution for yourselves.
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You are a part of the climate solution
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for the world potentially.
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And that's fascinating to see.
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Tell us a bit more about
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how you are approaching carbon neutrality.
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2023 was another exciting outcome
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that came from the ASEAN Leaders Summit,
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was the acceptance of the ASEAN
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Carbon Neutral Plan.
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Very quickly, member states are realizing
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there are big regional initiatives
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that need to be coordinated.
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Which they at individual country level
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cannot influence alone.
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I'll give you an example,
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in the area of our power, right?
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We needed to look at the connectivity,
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the ASEAN power grid.
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Again, it's not something
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each individual country can coordinate.
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They need at the regional level,
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a full coordination of what the region
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needs to do to help each other.
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This is what the ASEAN Carbon Neutral Plan is.
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Eight strategies with a very clear
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16 initiatives identified,
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which are going to be our priorities
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over the next one decade,
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in terms of implementation.
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We have actually selected
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the strategies and initiatives
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that are relevant to ASEAN.
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And I think this is what we are excited about.
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And I will encourage everyone to come and support
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the private sector, especially.
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Be part of that strategy of implementation
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of decarbonization we are looking for.
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And we have seen the numbers.
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The studies we have done
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clearly indicate the growth
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that we can potentially see.
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From now till 2050 we get
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the carbon neutral strategy in place.
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And the initiatives implemented
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over the one decade.
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We are going to lead forward towards
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potential growth of adding over $5 trillion
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to our GDP in the region.
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Even creating over 60 million jobs.
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I mean these are numbers that you cannot avoid.
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Like you said, we have mother nature with us.
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36% of the carbon sink is in the region.
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We want to be responsible.
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We want to be relevant.
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We want to be able to even create
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the carbon markets in the region,
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in ASEAN, that are going to support
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the development of potentially,
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hopefully even pricing for carbon.
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For the world.
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I mean, these are the ambitions of ASEAN,
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and we want the world to know
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that we are wanting to work with them
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to achieve some of these ambitions.
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Sitting here, thinking about the year,
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what's on your mind?
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What comes next for ASEAN?
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We are at a kind of very important
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inflection point.
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We are coming to the end
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of our existing economic blueprint,
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which is ending in 2025.
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But the next stage or plan,
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the leaders want us to plan
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for the next 20 years from 2025 to 2045.
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What I'm feeling, rest assured, is
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some of this foundational work
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and investment that we have made,
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both from the digitalization
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point of view and decarbonization...
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I think we are in a very good position today,
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and able to draw some of that
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into the plans and bring reality
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of where we want to be,
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in terms of our global relevancy.
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Absolutely.
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And good luck with that bold ambition.
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Good luck with driving
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at the age of ASEAN, we should say.
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Not just the age of Asia.
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DSG, it's such a pleasure to have you here.
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Thank you for speaking to us
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and good luck with everything you're doing.
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Always good to speak to you.
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Thank you.