Core Viewpoint - The Regional Comprehensive Economic Partnership (RCEP) is positioned as a significant driver for regional economic integration amidst global challenges such as unilateralism and trade protectionism, aiming to evolve from the "largest free trade area" to a "high-level free trade area" [5][6][9]. Group 1: RCEP's Role and Impact - Since its implementation, RCEP has significantly boosted trade within the region, particularly benefiting emerging markets like Laos, Cambodia, Indonesia, Vietnam, and Malaysia [3]. - The region has become a stronghold for global foreign direct investment (FDI), with ASEAN attracting 49.2% of global FDI inflows in 2023 [3]. - Trade in intermediate goods has shown a notable increase, rising from 65% of total trade in 2021 to 68.3% in 2024 [3]. Group 2: Challenges and Areas for Improvement - RCEP faces challenges such as low utilization rates of its rules and slow progress in fulfilling commitments in key areas like services and investment [8]. - The absence of a fully established RCEP secretariat has hindered timely decision-making on critical issues like upgrading terms and expanding membership [8]. - There is a lack of effective platforms for policy coordination and communication among member countries [8]. Group 3: Future Directions for RCEP - To transition to a high-level free trade area, RCEP should expand its scope beyond economic matters to include governance and investment [9]. - Strong leadership is essential for establishing relevant rules and plans, addressing issues like regulatory policies and industry standards [9][10]. - Regular summits for RCEP leaders are necessary to ensure focused attention on trade, investment, and supply chain issues [12]. - Enhancing organizational capabilities and establishing a mechanism for progress assessment will be crucial for RCEP's effectiveness [12][13].

Core Insights - The RCEP is seen as a hopeful framework to counteract the challenges posed by unilateralism and trade protectionism, with experts emphasizing the need for its expansion and enhancement [1][2][3] Group 1: RCEP's Current Status and Challenges - RCEP has become a new engine for regional economic growth, with the share of intermediate goods trade in total trade increasing from 65% in 2021 to 68.3% in 2024 [1] - Despite its successes, RCEP faces challenges such as low rule utilization and an incomplete implementation mechanism, with applications for membership from Hong Kong, Sri Lanka, and Chile still pending [1][2] Group 2: Recommendations for RCEP's Future - Experts suggest that RCEP should quickly establish expansion standards and procedures, improve governance structures, and create an independent RCEP secretariat [2] - There is a call for RCEP to upgrade from being the largest free trade area to a high-level free trade area, focusing on service trade, digital economy, and green finance [3] - The integration of RCEP with CPTPP is recommended to enhance trade rules, reduce non-tariff barriers, and simplify origin certification processes [3] Group 3: Regional Cooperation and Integration - The cooperation between ASEAN and China is highlighted as the cornerstone of RCEP, with recent negotiations on the China-ASEAN Free Trade Area 3.0 incorporating digital economy and green transition [4] - Future efforts should not only solidify regional cooperation but also promote cross-regional collaboration, exemplified by upcoming summits that aim to leverage complementary advantages [4]