The Regional Comprehensive Economic Partnership (RCEP) is set to accelerate Asia-Pacific regional integration as leaders, policymakers, and young entrepreneurs gather for the Boao Forum for Asia (BFA) Annual Conference 2025. The event will be held from March 25 to 28 in Boao, south China’s Hainan Province.
With the theme “Asia in the Changing World: Towards a Shared Future,” this year’s BFA aims to foster development, encourage dialogue, and explore innovative solutions. Zhang Jun, the Secretary-General of the BFA, emphasized the forum’s focus on promoting international development and cooperation.
Founded in 2001, the BFA is dedicated to enhancing regional economic integration and helping Asian countries achieve their development goals. The forum has become a pivotal platform for discussing pressing issues and forging partnerships across the continent.
The RCEP, which came into effect on January 1, 2022, is the world’s largest free trade agreement. It includes 15 Asia-Pacific nations: the 10 ASEAN member states—Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam—and their five trading partners: China, Japan, South Korea, Australia, and New Zealand.
Covering 30 percent of the global population and contributing about 30 percent of the world’s GDP, the RCEP has streamlined commerce among its members. It has strengthened supply chain resilience, opened up new business opportunities, and helped narrow development gaps in the region. In 2023, intra-regional trade among RCEP members reached an impressive $5.6 trillion.
A study by the Asian Development Bank predicts that by 2030, the RCEP will boost the incomes of member economies by 0.6 percent, adding $245 billion annually to regional income and creating 2.8 million jobs. These benefits highlight the significant impact of the agreement on the future prosperity of the Asia-Pacific region.
As young people across the Global South look to a future of interconnected economies and shared growth, the RCEP and forums like the BFA play a crucial role in shaping policies that promote collaboration and sustainable development.
