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However, the criticism of the FTA with ASEAN is growing in India.
In particular, since the economies of Southeast Asia are more exportoriented than the Indian economy (for example, Malaysia’s ratio of the
volume of exports to the total amount of GDP is about 100 %), a
deficit has appeared in India’s trade with ASEAN ($6 billion in 2008)
threatening to ruin the entire sectors of the Indian economy which are
unable to compete with the manufacturers from Southeast Asia
21
.
Table 9
Share of ASEAN Countries in the Exports and Imports of Major Trading Partners (%)
Country
Years
Share in
exports
Share in
imports
1981–1983 6,0 1,4 11,8 10,6 5,8 4,5
1991–1993 5,8 1,8 6,5 12,7 10,6 5,5
2001–2003 7,1 1,6 6,0 13,3 9,7 6,1
1981–1983 3,6 1,1 10,7 16,4 7,4 5,0
1991–1993 5,9 2,0 8,1 14,1 8,2 6,7
2001–2003 10,5 2,6 11,2 15,4 10,9 6,7
China EU Hong Kong Japan
South
Korea
USA
Source: Rossijskaja akademija nauk. Institut Dal'nego Vostoka RAN. ASEAN
v nachale XXI veka. Aktual'nye problemy i perspektivy. M.: ID "Forum", 2010.
On 13 December 2005, the ASEAN Framework Agreement on
Comprehensive Economic Cooperation with South Korea was signed
involving the creation of a FTA, which will work in full in 2020.
On 27 February 2009, at the 14
th
ASEAN summit held in
Thailand, an agreement was concluded on the establishment of FTA
between ASEAN – on the one hand, and Australia and New Zealand –
on the other.
In 2003, the ASEAN member states leaders agreed to form the
ASEAN Community by 2020 which provided the establishment of the
following institutions within the framework of ASEAN:
1) Political-Security Community;
2) Economic Community;
3) Socio-Cultural Community.
Later it was decided to achieve this goal by 2015.
The 10
th
summit of the organization in Laos (29–30 November
2004) approved the Vientiane Action Program designed to promote
21
URL: www.asean.org/
101
the formation of the community through greater integration and
overcoming the development gap between the ASEAN members.
The Community Council consisting of the relevant ministers of the
member states was set up to manage sectoral bodies.
In 2010, the total volume of the foreign direct investment (FDI)
into the economy of the ASEAN nations amounted to $ 75.8 billion
which meant doubling of this figure in comparison with its 2009 level
($ 37.9 billion). In the same time, the main source of FDI to ASEAN
became the EU (22 %) followed by the US and Japan (16 % each)
22
.
Table 10
Distribution and Dynamics of Foreign Direct Investment (FDI) in ASEAN, 2002–06
Annual
Change
(%)
Countries
The inflow of FDI, year /
period, million dollars
The proportion of the total
FDI inflow (%)
Period 2004 2006 2002–06 2004 2006 2002–06 2005–06
ASEAN 2803,7 6242,1 19377,7 8,0 11,9 11,3 65,8
Australia 566,7 399,2 1444,3 1,6 0,8 0,8 103,8
China 731,5 936,1 2302,9 2,1 1,8 1,3 86,6
EU 10046,1 13361,9 44955,6 28,6 25,5 26,3 19,9
Japan 5732,1 10803,3 30813,7 16,3 20,6 18,0 49,3
South
Korea
806,4 1099,1 3347,3 2,3 2,1 2,0 90,2
USA 5232,4 3864,9 13736,1 14,9 7,4 8,0 28,4
Others 9198,3 15672,1 54844,3 26,2 29,9 32,1 17,6
Total 35117,2 52379,5 170821,9 100,0 100,0 100,0 27,5
Source: Rossijskaja akademija nauk. Institut Dal'nego Vostoka RAN. ASEAN v
nachale XXI veka. Aktual'nye problemy i perspektivy. M.: ID "Forum", 2010.
Nowadays, the aggregate GDP of ASEAN is $ 1,5 trillion and the
volume of foreign trade – $ 1,7 trillion. However, the turnover of trade
between the member countries reached only $ 458 billion in 2008 and
the volume of mutual investment – $11,1 billion despite a substantial
increase compared to 2007 (14 % and 18 % respectively) indicating a
number of problems and disproportions
23
.
One of the problems of this kind is an evident gap in the
development levels of the member nations as well as in their
standards of living. For example, while the respective figures of
Brunei, Malaysia, and Singapore are close to those of advanced
22
Ibid
23
Ibid
102
nations, Burma, Cambodia, Laos, the Philippines, and Vietnam are
evident outsiders. To overcome this problem, a number of joint
programs are being realized within ASEAN, for example, the Mekong
River Basin Development Plan in the framework of which a number of
infrastructure projects are being successfully implemented.
However, a serious obstacle to overcoming the development gap
is the lack of sufficient funds in the member countries resulting in the
ASEAN leadership resorting to assistance from developed nations
and international financial institutions.
Termination of the Cold War and the disappearance of common
enemy in the person of the world socialist system have contributed to
strengthening territorial disputes between the ASEAN members,
which is also an obstacle to successful regional integration. The other
obstacles to the growth of mutual trust are the above-mentioned
differences of the political systems in member states which prevents
the discussion of a number of important issues, for example, human
rights violations in Burma and other countries.
Decision-making by consensus leads to the situation when each
ASEAN member has a right to veto any issue resulting in the fact that
many serious problems are not even on the agenda, thus becoming a
kind of taboo. Adherence to the principle of soft institutionalism makes
the organization rather amorphous compared with the European
Union and similar integration associations. Sometimes the integration
processes within ASEAN come in conflict with the principles of APEC
and the WTO which creates a threat of the organization being
absorbed by larger associations.
Finally, the future of ASEAN as well as the prospects of regional
integration in Southeast Asia as a whole will depend largely on how
successfully this international organization meets those challenges.
Test Your Knowledge
1. What was the impact of the Asian financial crisis of 1997–98
on ASEAN?
2. What is the significance of the Agreement on the general
effective preferential tariff?
3. Describe the ASEAN Economic Community.
4. Give a description of the integrated investment area within
ASEAN.
5. Describe the ASEAN Forum of Capital Markets.
103
6. The total volume of FDI into the economies of the ASEAN
nations in 2010 in comparison with its 2009 volume:
A) Doubled;
B) Tripled;
C) Quadrupled.
Topic for Discussion
Establishment of FTA within ASEAN.
Unit 7.5. ASEAN and Russia. The history of the official relations
between ASEAN and modern Russia dates back to July 1991, when
at the invitation of the Malaysian Government the Russian delegation
attended the opening ceremony of the annual meeting of the ASEAN
foreign ministers in which Russia participates regularly since 1992.
Since 1994, Russian Federation is the member of the ASEAN
Regional Forum. In July 1996, Russia became a full ASEAN dialogue
partner. In 1997, the Joint Cooperation Committee ASEAN-Russian
Federation was set up which holds regular meetings in Moscow or in
one of the ASEAN capitals.
On 19 June 2003, in Phnom Penh, the joint declaration was
signed on the partnership in peace, security, prosperity, and
development in the Asia-Pacific. Another joint declaration between
ASEAN and the Russian Federation was signed on 2 July 2004, in
Jakarta, concerning the ASEAN-Russia cooperation in fighting
international terrorism. On 29 November 2004, Russia joined the
Treaty of Amity and Cooperation in Southeast Asia signed in 1976.
Since December 2005, the regular ASEAN-Russian Federation
summits are held. During the first summit of this kind the following
documents were signed:
1) Intergovernmental Agreement on Cooperation between
ASEAN and Russia in the field of economy and development (came in
force on 11 August 2006);
2) Comprehensive Program of Action (CPA) to promote
cooperation between ASEAN and Russia in 2005–15;
3) Joint Declaration of the leaders of ASEAN and Russian
Federation on the development of a comprehensive partnership
(13 December 2005).
These and some other agreements form the legal basis for the
ASEAN-Russian relations.
104
Table 11
Russia's Foreign Trade with the Countries of ASEAN
in January–February 2008-09, in Millions of US Dollars
January–February, 2008 January–February, 2009
Turnover Export Import Turnover Export Import
Indonesia 176,2 66,8 109,4 158,8 87,8 71,0
Malaysia 432,2 174,1 258,1 175,9 10,9 165,0
Philippines 46,8 24,1 22,7 51,7 29,4 22,3
Singapore 219,0 166,9 52,0 462,9 267,6 195,3
Thailand 282,8 131,8 151,0 149,7 32,6 117,1
Vietnam 242,0 119,0 123,0 212,8 82,7 130,1
Total 1399 682,7 716,2 1211,8 511 700,8
Source: Rossijskaja akademija nauk. Institut Dal'nego Vostoka RAN. ASEAN v
nachale XXI veka. Aktual'nye problemy i perspektivy. M.: ID "Forum", 2010.
The economic cooperation between ASEAN and Russian
Federation is growing steadily. Thus, in 1992–97, the bilateral trade
turnover amounted to $ 21 billion, while only in 2010 it exceeded $ 9
billion, and in 2011 reached almost $14 billion (an increase of more
than 54 % during a single year)
24
.
Table 12
Russia's Foreign Trade Turnover with the Countries of ASEAN
in 2005–08, in Millions of US Dollars
2005 2006 2007 2008
Indonesia 496,4 545,8 916,3 1406,1
Malaysia 724,0 901,1 1917,3 2441,4
Philippines 257,0 150,3 241,4 414,3
Singapore 514,8 1053,3 1540,6 1645,1
Thailand 926,4 817,6 1336,7 2719,1
Vietnam 877,9 579,6 1092,5 1429,3
Total 3796,5 4047,7 7044,8 10055,3
Source: Rossijskaja akademija nauk. Institut Dal'nego Vostoka RAN. ASEAN v
nachale XXI veka. Aktual'nye problemy i perspektivy. M.: ID "Forum", 2010.
The CPA for ASEAN and Russia for 2005–15 involved, among
other things, deepening of the relations in the energy sector providing
for expansion of production capacity, the development of energy
infrastructure, peaceful use of nuclear energy, the exploration of coal,
oil and gas, the development of alternative and renewable energy
sources.
24
Ibid
105
An important segment of economic ties between Russia and
ASEAN is tourism. Thus, in 2009, the ASEAN countries were visited
by 518.587 Russian tourists and in 2010 there were already 867.632
tourists from Russian Federation, while in 2011 – about 1.299.000
25
.
Test Your Knowledge
Is Russian Federation a member of ASEAN?
A) Yes;
B) No.
Topic for Discussion
ASEAN-Russia Partnership.
25
Ibid
106
Chapter VIII
Asia-Pacific Economic Cooperation (APEC)
Unit 8.1. Historical Background and Basic Features. The idea of
establishing the Pacific free trade area was first proposed by Japan in
1966. It brought about the formation of a number of NGOs united by
the idea of economic integration in the Asia-Pacific:
1) Pacific Trade and Development Conference (PAFTAD, 1967);
2) Pacific Basin Economic Council (PBEC, 1968);
3) Pacific Economic Cooperation Council (PECC, 1980).
The idea of economic integration was dictated by a rapid growth
of business and trade between the countries in the region prompting
the governments to create an institute providing close cooperation
between the Asia-Pacific economies.
Asia-Pacific Economic Cooperation forum (APEC) was established
in 1989 at the initiative of Australia and included twelve countries,
which was due to the following:
1) Termination of the Cold war;
2) Need to establish a new framework for international economic
relations in the region.
Map 4. APEC Member Economies
107
At that time, Australia, Japan, and Korea sought to enhance the
development of international relations in the Asia-Pacific, while the
United States insisted that there should be no boundaries for
economic cooperation in the region. Thus, the task of APEC was to
economically tie up both sides of the Pacific.
The first meeting in Canberra (Australia, 6–7 November 1989) was
attended by the representatives of Australia, Canada, Japan, New
Zealand, South Korea, USA, and the countries participating in ASEAN
such as Brunei, Indonesia, Malaysia, the Philippines, Singapore, and
Thailand. In 1991, APEC was joined by China, Hong Kong, and
Taiwan, the latter being recognized as a separate independent party,
which became one of the most significant achievements in the first
years of APEC’s existence leading to one of its most unusual features –
it became an association of economies and not of states.
Table 13
APEC Participants
Participating Economies Date of Accession
Australia November, 1989
Brunei November, 1989
Canada November, 1989
Indonesia November, 1989
Japan November, 1989
Malaysia November, 1989
New Zealand November, 1989
Philippines November, 1989
Singapore November, 1989
South Korea November, 1989
Thailand November, 1989
USA November, 1989
China November, 1991
Hong Kong November, 1991
Taiwan November, 1991
Mexico November, 1993
Papua New Guinea November, 1993
Chile November, 1994
Peru November, 1998
Russian Federation November, 1998
Vietnam November, 1998
Source: URL: www.apec.org/
108
Nowadays, APEC includes twenty-one economies, i.e. almost all
the countries on both sides of the Pacific accounting for about 40 % of
world’s population, 54 % of gross world product (GWP), 45 % of
global imports, and 44 % of global exports
26
.
The importance of APEC is determined by the membership of the
leading economies in the region: the United States, China, Japan,
Canada, Australia, and the so-called newly industrialized economies
(NIEs), which comprise almost all the economic potential of the AsiaPacific. It should be noted, however, that the main outsider in this
region is Papua New Guinea.
As noted above, APEC is characterized by the extreme
heterogeneity of its participants. Forum includes the largest countries
in the world in terms of territory (Russia, Canada, China, USA, and
Australia) and in terms of population (China, United States, Indonesia,
Russia, Japan, and Mexico), on the one hand, and the microstates,
such as Brunei, Hong Kong, Singapore, on the other hand.
The leading economies in the region and in the world are the US,
China, and Japan whose overall economic potential is about $29
trillion (almost 70 % of the total GDP of APEC or 38 % of the GWP
calculated by purchasing power parity (PPP) and estimated by the
World Bank in 2010 at $76.6 trillion). However, this also includes
Brunei and Papua New Guinea whose overall GDP does not exceed
$ 20 billion
27
.
Singapore’s GDP amounted to $ 58.000 per capita (maximum rate
among all the APEC economies) in 2010 and exceeded that of the
poorest economy in the region, Papua New Guinea, twenty-three times
28
.
Russian Federation being the largest nation in the region and in
the world in terms of territory (27.3 % of the APEC territory) is a home
to 5.2 % of the APEC population (2.1 % of the world’s population) and
produces 6,7 % of regional GDP by PPP (3.7 % of the GWP)
It occupies the 4
th
position among the APEC countries in terms of
29
.
population as well as in terms of the absolute GDP value. In terms
of economic development measured by GDP per capita calculated by
PPP Russia is on the 11
th
position in the association, thus occupying a
middle position and dividing all the APEC economies into two groups –
developed and developing.
26
Ibid.
27
Ibid.
28
Ibid.
29
Ibid.
109
The sectoral structure of the developed APEC economies shows
the features inherent to the post-industrial stage of development –
a small share of agriculture, a decreasing share of industry in which the
leading role is performed by the manufacturing sector, and growing
share of services. For example, the APEC economies clearly manifest
the law according to which the higher share of the agricultural sector in
the economy corresponds to the lower level of economic development.
Thus, the largest share of agriculture is in the least developed
Indonesia, Papua New Guinea, the Philippines, and Vietnam.
In the countries like Australia, Canada, Japan, South Korea,
Taiwan, and the US agriculture accounts for 1,2–2,6 % of GDP, while
in Hong Kong and Singapore this sector is practically absent
30
. Only in
New Zealand agriculture makes the most significant contribution to the
total amount of goods and services produced in this country.
The share of industry in the developed APEC economies is
20–30 % of GDP
31
. The highest contribution to industrial output is
made by the manufacturing sector.
This pattern, however typical for most of the developed
economies, does not apply to Australia and Canada having significant
resource potential and low population and focusing on the production
of natural resources and the development of extractive industries.
It is worth noting that general decline in the share of industry
called de-industrialization is not due to the collapse of certain
industries in the developed economies but rather to the reason of the
fast growth of the tertiary sector and the prices for its products.
The other APEC economies are actively moving forward the
process of industrialization, especially in the so-called “second wave
of the newly industrialized countries”, such as Indonesia, Malaysia,
the Philippines, Thailand, as well as in China and Mexico, where the
manufacturing sector has been developed. In the sectoral structure of
industry of such APEC economies as Brunei, Chile, Peru, and Russia
the greatest share is that of the extractive industries. In some
countries, for example in Vietnam, both sectors are equally
developed.
Services or the tertiary sector dominates most of the APEC
economies, but its proportion and structure vary from one economy to
another. Thus, the most advanced economy in the world in terms of
30
Ibid.
31
Ibid.
110
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