He Jiabei and Zhai Kun: RCEP showcases new trends in cross regional development

The 11th meeting of the Regional Comprehensive Economic Partnership (RCEP) Joint Committee was recently held in Chiang Mai, Thailand, to fully implement the consensus reached at the RCEP Leaders' Meeting in October this year, with one key task being to promote the process of new members joining. Since the emergence of the economic and trade friction between China and the United States in 2018, the restructuring of global industrial and supply chains has shown characteristics of local contraction, nearshore layout, and regional agglomeration. On the basis of regional integration formed by geographical proximity, the driving force of interconnectivity between regions is also playing a role. With Sri Lanka, Chile, and other economies expressing interest in joining, RCEP shows the expected potential for upgrading from a regional arrangement to a cross regional arrangement. In the future, we can further rely on RCEP to deepen regional integration towards the outside world, and build a new regional development pattern with the Asia Pacific cycle as the main body and cross regional economic connectivity.

The evolution of RCEP is simultaneously influenced by multiple forces. The United States - stimulates the retreat of multilateralism. The pressure of structural adjustment in the United States continues to weaken its willingness to lead the foreign economy, and it is more of a transactional nature in global multilateral institutions. No matter how the government changes, the trend of Washington gradually withdrawing from its leadership role in global economic governance is difficult to reverse in the short term. In this situation, the Asian region is neither dependent nor should we expect the United States to return to its traditional leadership position. An open Asia will bring positive effects to other regions such as Africa, North America, and Europe. If the reforms and market opening promoted by RCEP are expanded beyond member countries in a multilateral manner, its influence will further expand.

China ASEAN+leads cross regional cooperation. The cooperation between China and ASEAN constitutes the core pillar of RCEP. The convening of the ASEAN China GCC Summit in May this year has significant symbolic significance. As the rotating chair of ASEAN, Malaysia actively advocates for the institutionalization of such cross regional dialogues, sending a positive signal of regional connectivity. During its tenure as the non ASEAN rotating chair of RCEP in 2024, China also made every effort to promote the process of new members joining RCEP. Although relevant mechanisms and consensus are still in the process of forming, this model innovation combines the practical experience of "ASEAN+" and "China+", showing the vision of building a more resilient and inclusive global governance pattern. For example, establishing economic integration and mutual trust in areas of common interest among non member countries closely related to RCEP can help promote the extension of East Asian economic integration to South Asia, South America, and Europe.

The new trend of RCEP's cross regional development is both a guiding ideology and a practical trend. China can continue to play a major role as a driving force, relying on the new development pattern of domestic and international dual circulation mutual promotion, to promote the new trend of RCEP cross regional development from the following four aspects.

Firstly, consolidate the foundation of cooperation. The periphery is the first priority. We should continue to promote the "the Belt and Road" initiative and the ASEAN Indo Pacific Vision for mutually beneficial cooperation, and support the implementation of the four priority areas of the ASEAN Indo Pacific Vision, namely, maritime, connectivity, the United Nations 2030 Sustainable Development Goals, and cooperation project activities in economic and other fields to achieve win-win results. Continuously deepen collaboration with ASEAN and neighboring countries in areas such as trade, investment, and industry, and further improve the connection and mutual recognition of market rules. Southeast Asia and South Asia, as neighboring regions with strong economic and trade ties, are the most promising and rapidly advancing areas for the international use of the renminbi. Efforts should be made to enhance the liquidity and attractiveness of the renminbi and accelerate its internationalization process.

Secondly, promote interconnectivity. Accurately matching the economic needs of countries jointly building the "the Belt and Road" is the core competitiveness that needs to be fostered to build a new development pattern of RCEP. We should adopt a more open attitude to connect with all RCEP member countries and potential accession parties, explore the compatibility between RCEP and multilateral agreements on cross-border connectivity, clarify cooperation areas through a "positive list" and define regulatory boundaries through a "negative list", fully activate the scale effect and linkage potential of cross regional markets, and guide enterprises to seek benefits and avoid harm.

Thirdly, strengthen the construction of think tanks. We should fully leverage the advantages of various scientific research institutions and think tank organizations, promote the establishment of RCEP regional think tanks, promote the establishment of a high-level think tank cooperation network covering the region, actively develop a comprehensive and professional third-party evaluation mechanism for RCEP construction, and carry out joint research on key issues such as RCEP rule optimization, standard coordination, and governance improvement, so as to develop towards a more professional, collaborative, and operable direction.

Fourth, strengthen international communication. Since its establishment, some individuals from the United States, Japan, and India have regarded RCEP as a potential source of geopolitical risks and have viewed mechanisms such as the Comprehensive and Progressive Agreement for Trans Pacific Partnership (CPTPP) as strategic hedging options for RCEP. Efforts should be made to improve the public opinion environment of RCEP, strengthen regional and country studies, enhance the strategic identity of existing members, attract active participation from potential members, and clearly convey the openness, inclusiveness, and constructive nature of RCEP to countries outside the region, including the United States, highlighting its important role as a common response to global risks and promoting inclusive development, and minimizing misunderstandings and building consensus. (The authors are doctoral students at the Institute of Regional and Country Studies, Peking University, and vice presidents and professors at the Institute of Regional and Country Studies, Peking University.)