
On the day before, the "Boao Asia Forum Asia Free Trade Agreement Forum 2013" took place in Qingdao. This one-day event brought together over 200 participants, including government officials, scholars, and business leaders, to discuss four key topics: "Asia's production network and free trade agreements," "regional economic monitoring," "regional comprehensive economic partnership and WTO," and "subregional cooperation plans: infrastructure, trade, and investment." The discussions aimed to advance the formation of an Asian Free Trade Area and accelerate the integration of the region’s economies.
Diversified Integration: Breaking the "Bowl Effect"
In 2012, Asia grew at a rate of 6.6%, contributing more than half of global growth and becoming a major engine for the world economy. With this momentum, East Asian countries alone had signed 63 free trade agreements, making up a third of the world’s total. The push for an Asian Free Trade Area is now entering a phase of multi-directional development.
However, the rapid expansion of free trade zones and the acceleration of regional economic integration have also created challenges. He Hezheng from the Asian Development Bank Institute highlighted that overlapping free trade agreements could hinder progress. Integrating these agreements into a broader regional framework is now a top priority. He pointed out that the "bowl effect" is becoming more pronounced, where multiple bilateral agreements lead to complex and conflicting regulations, making it harder for outsiders to join the system.
Song Leilei, director of the Asian Development Bank’s Regional Economic Integration Office, noted that while many regional cooperation initiatives in the Asia-Pacific are already in place, the next stage will be more challenging. The "bowl effect" is a significant hurdle that needs to be addressed.
Rajat Kathuria from India’s Council of International Economic Relations emphasized the need to simplify and optimize non-tariff barriers, which are complex and often hidden forms of trade protectionism. Vignaraj from the Asian Development Bank Institute added that addressing these barriers is essential for the success of Asian economic integration.
Yu Jianhua highlighted that the ideal future for the Asian Free Trade Zone would involve the unification of different free trade areas into a single, efficient, and integrated system. He pointed out that both the Trans-Pacific Partnership (TPP) and ASEAN include some of the world’s largest economies, forming a strong foundation for future integration.
Regional Economic Cooperation: A Focus on RCEP
In November 2012, 10 ASEAN nations and representatives from China, Japan, South Korea, India, Australia, and New Zealand launched negotiations for the Regional Comprehensive Economic Partnership (RCEP). This initiative has drawn considerable attention as it aims to create a free trade zone involving 16 countries.
Zhou Wenzhong, secretary-general of the Boao Forum for Asia, stated that RCEP is a key response to declining external demand in Asia due to global financial and debt crises. It helps strengthen regional supply chains and promote deeper economic integration.
Experts at the forum emphasized that RCEP involves 16 distinct economic systems, requiring a balanced approach of "common but differentiated treatment." Xie Xiuyu from the Singapore International Affairs Research Institute noted that although reaching consensus is difficult, progress can be made by leveraging existing mechanisms like "ASEAN+6."
Xu Ningning, deputy secretary-general of the China-ASEAN Business Council, suggested that strengthening industrial planning and communication among regional countries is crucial. Trade associations play a vital role in bridging gaps and facilitating cooperation during critical phases.
RCEP represents a new model for Asian economic integration, with the potential to reshape the region’s economic landscape. If successful, it could shift global economic power further toward Asia.
"Sub-region": "China's Border" and "Westward" Expansion
Given the uneven development across Asia, focusing on sub-regional cooperation is essential. The forum discussed strategies to improve infrastructure, expand trade, and boost investment in sub-regional areas, aiming for mutual benefit among developing economies.
Sudi Pan from the Global Network of Thai Jura highlighted the rapid growth of the Greater Mekong Subregion (GMS), noting how trade has driven economic expansion. The GMS promotes collaboration, resource sharing, and efficient development models.
In China, the development of sub-regional areas is accelerating. Zhang Yansheng from the National Development and Reform Commission mentioned that future efforts will focus on opening border areas and western regions. The Greater Mekong and Tumen River areas will be central to this strategy.
Zhang also advocated for a green and sustainable transition in sub-regional cooperation, emphasizing inclusive development to enhance regional competitiveness and support broader Asian economic integration.
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