Excellency Chen Gang, Party Secretary of the CPC Guangxi Zhuang Autonomous Region Committee,
Excellency Yan Dong, Vice Minister of Commerce of the People’s Republic of China,
Excellencies, Vice Ministers and Senior Officials of ASEAN Member States,
Ambassadors and Distinguished Representatives,
Distinguished Guests, Ladies and Gentlemen,
1. I am pleased to take part in the RCEP High-Level Dialogue on Economic and Trade Cooperation, held alongside the 22nd China-ASEAN Expo (CAEXPO), here in Nanning. My appreciation goes to the Department of Commerce of Guangxi Zhuang Autonomous Region for the invitation, warm hospitality, and excellent arrangements for this event.
2. The global economy faces both pressures and prospects, shaped by geopolitics, shifting supply chains, and rapid technological change. Growth is slowing: global GDP is projected at 3.0 percent in 2025, down from 3.3 percent in 2024. ASEAN remains resilient but is also under strain, with 2025 growth revised to 4.2 percent from 4.7 percent forecast earlier, after 4.8 percent in 2024. China’s growth is expected to ease from 5.2 percent in 2023 to around 4.5 percent in 2025.1 These trends show how trade headwinds affect all of us. Global trade is also becoming more fragmented, with protectionist measures and unilateral actions reshaping flows of goods and investment.
3. In this context, ASEAN and China have turned to RCEP to advance openness and cooperation. RCEP is a strategic tool—opening opportunities, strengthening competitiveness, and building resilience. It is the world’s largest free trade agreement, covering nearly 30% of global GDP and population, and provides an unparalleled platform for regional growth, development and cooperation.
4. Trade among the 15 Parties reached USD 2.1 trillion in 2024, while FDI inflows to ASEAN from its five partner countries stood at USD 47.2 billion.2 RCEP’s enhanced rules of origin, simplified customs procedures, and tariff cuts reduce business costs and strengthen connectivity. Just as important, RCEP signals that its Parties remain committed to rules-based trade and multilateral cooperation. This is vital as we face global disruptions and address digital transformation, sustainability, and climate change. ASEAN and China’s strong backing of RCEP builds confidence and deepens regional integration.
Excellencies, Ladies and Gentlemen,
5. For businesses—especially micro, small, and medium-sized enterprises—RCEP opens access to regional and global value chains. It also supports supply chain diversification, which builds resilience.
6. Awareness of RCEP among businesses in ASEAN, China, Japan, and Korea now exceeds 60 percent, according to the East Asia Business Council and the Japan External Trade Organization (JETRO)3 2025 survey. Yet usage remains below 20 percent.4 This gap shows that while potential is recognised, more must be done to translate awareness into practical use, especially by MSMEs.
7. Where it is used, the benefits are very clear: businesses have expanded international sales, diversified suppliers, and improved profits.5 Over 40% of surveyed firms plan to keep their investment strategies stable for the next three years, while another 40% of companies are keen to expand investment in ASEAN.
8. As we assess progress and challenges, the way forward is clear: RCEP’s long term success depends on delivering real benefits. Allow me to highlight three key elements for effective implementation of RCEP:
9. First, inclusiveness and openness are the core values of the RCEP. RCEP’s strength is its ability to integrate economies of different sizes, stages of development and capacities under one framework. Implementation must be inclusive - supporting developing economies, least developed countries, and smaller enterprises - through robust economic and technical support mechanisms available under RCEP. This levels the playing field, allowing businesses to grow, reach new markets, and join supply chains—broadening growth and prosperity across the entire region.
10. RCEP’s open and inclusive character was reinforced by the adoption of Accession Procedures last year. We are now preparing for expansion, with applicants including Bangladesh, Chile, Hong Kong (China), and Sri Lanka. This will enlarge RCEP’s reach, creating a free trade area that accounts for an even greater share of global GDP and population, and I hope we will make progress in this regard, and reinforce its role in economic integration. Expansion will strengthen its global weight and affirm its openness to deeper regionalism and the global economy.
11. Second, RCEP must remain adaptable, forward-looking, and relevant to the emerging business landscape. Global trade is being reshaped by digitalisation at remarkable speed. ASEAN and China—two dynamic digital economies—have huge potential to collaborate. ASEAN’s digital economy is projected to reach USD 1 trillion by 2030, and with ASEAN DEFA could reach USD 2 trillion, while China leads in digital innovation and technology. Together we can advance cross-border e-commerce, digital trade facilitation, and innovation-led growth. At the same time, sustainability requirements are pushing businesses to adopt greener and more resilient practices. This calls for investment in green technologies, circular economy practices, and climate-smart logistics.
12. Third, a business-centric partnership is the key to unlocking the potential of RCEP. No single country can tackle today’s complex challenges alone. Governments, businesses and other stakeholders must work together so that RCEP translates into real gains. We need stronger efforts to raise awareness, especially among MSMEs, about the opportunities available under RCEP, and to build their capacity to use the Agreement effectively. Public-private partnerships and capacity-building are essential to help enterprises scale up, join regional supply chains, and drive inclusive growth.
13. By strengthening these partnerships, we open new pathways for investment, innovation, and connectivity. It is this practical cooperation that ensures RCEP delivers tangible benefits for all and becomes a model for open, inclusive and forward-looking regionalism and contribution to the global economy.
Excellencies, Ladies and Gentlemen,
14. RCEP is a living framework that reflects our ambition for a more integrated and prosperous future. It will remain central to ASEAN’s vision of a resilient, innovative, dynamic, and people-centred region under the ASEAN Community Vision 2045. At its core, RCEP is a commitment to the future, to create opportunities for businesses, to improve livelihoods, and to contribute to global economic stability.
15. I wish you a productive Dialogue and success in strengthening RCEP as a cornerstone of regional cooperation.
Thank you.