Experts discuss how to further unleash potential of RCEP at Boao Forum

Experts from member economies of the Regional Comprehensive Economic Partnership (RCEP) conducted in-depth discussions on how to further tap into the potential of this free trade agreement at the Boao Forum for Asia 2025 Annual Conference that opened in the town of Boao, south China's Hainan Province, on Tuesday.

Themed on "Asia in the changing World: Towards a shared Future", the four-day event has brought together nearly 2,000 attendees from more than 60 countries and regions to participate in more than 50 events including sub-forums and many bilateral events.

On Wednesday, a sub-forum was held, with attendees from China, South Korea and Cambodia sharing their views on opportunities that RCEP have brought to the region.

They agreed that over the past three years since the entry into effect of the world's largest free trade agreement, member economies have benefited a lot from this mega-trade pact.

"Since its official entry into effect, the RCEP has effectively reduced trade tariffs, promoted upgrading and integration of regional industrial and supply chains, as well as facilitated steady growth of regional trade and investment," said Zhang Yuyan, director of the Institute of World Economics and Politics (IWEP) with the Chinese Academy of Social Sciences (CASS).

As for the future development of the agreement, some experts pointed out that there is still cooperation space to be further exploited in many areas.

"[The RCEP] not only [extends] support to removing technical and non-technical trade barriers, but [also] goes to providing support in terms of capability -- production capability, processing capability, nurturing the infant industries in smaller economies. Now, we move to the inclusion and the support in areas of green technology, green trade, green investment," said Chheng Kimlong, president of the Asian Vision Institute of Cambodia.

Effective to the signatories as of January 1, 2022, the RCEP comprises 10 ASEAN member states, namely Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam, together with their five free-trade partners which are China, Japan, South Korea, Australia and New Zealand.

So far, Chile, Sri Lanka and China's Hong Kong region have all applied to join the RCEP. Experts believe that more economies should be included, which will bring additional chances for the members.

Experts discuss how to further unleash potential of RCEP at Boao Forum

Rescue efforts in Nay Pyi Taw, Myanmar's capital, progressed slowly without professional rescue teams following a deadly earthquake on Friday, with daily life heavily disrupted and nearly all shops and restaurants in the city center closed, according to a Chinese national who survived the disaster.

In an interview with China Global Television Network (CGTN), Li Bobo, chairman of the Myanmar-China Exchange and Cooperation Association, recalled being in a government building in Nay Pyi Taw for a meeting when the earthquake struck, saying the powerful tremor made it impossible for anyone to remain standing.

"I was attending a meeting inside a government building in Nay Pyi Taw when the earthquake hit. It started with vertical shaking, followed by horizontal movement. People couldn't stay on their feet, and it lasted for about two minutes. The roof collapsed, and all the attendees dropped to the floor, unable to stand," he said.

Li said rescue efforts were progressing slowly in the capital.

"I'm now in Zawtika Market, in the city center of Nay Pyi Taw, the busiest area of the capital. I am just passing by and see a corner of a building that has collapsed. It happened about two hours ago, and so far, the pace of rescue efforts is very slow. There are no professional rescue teams, just a few cranes. Nearly all businesses in the city center, including stores and restaurants, are closed. I went out at noon to get something to eat but couldn't find any open shops. Everyone is busy with their own rescue efforts, and almost every household has suffered some kind of loss," he said.

A total of 1,644 people died, 3,408 were injured, and 139 remained missing in the powerful earthquake in Myanmar, according to the Information Team of the State Administration Council on Saturday night.

The 7.7-magnitude earthquake hit the southeast Asian country on Friday, with Mandalay, Bago, Magway, the northeastern Shan state, Sagaing, and Nay Pyi Taw among the hardest-hit regions.

Rescue work progresses slowly in Myanmar capital after earthquake: survivor