On September 9, 2024, CKGSB Professor of Economics and Associate Dean for Asia and Oceania Li Wei led a session on “RCEP and Re-Globalization” at the 25th World Knowledge Forum, Asia’s largest global business forum. This year’s forum, themed “Journey Towards Coexistence,” addressed various critical topics including robotics, mergers and acquisitions (M&A), fintech, and climate change. The event gathered top business leaders, global CEOs, politicians, scholars, and economic experts to explore knowledge-sharing strategies and discuss challenges and opportunities in a rapidly changing world.
Professor Li Wei, an expert on macroeconomics, highlighted the growing economic and geopolitical value of the Regional Comprehensive Economic Partnership (RCEP). As a seasoned academic—who previously was tenured at the University of Virginia Darden Graduate School of Business and taught at Duke University’s Fuqua School of Business—Professor Li now serves as the Director of the CKGSB Case Center and Big Data Economic Research Center.
RCEP, a landmark free trade agreement involving 15 member states including ASEAN nations, South Korea, China, Japan, Australia, and New Zealand, covers roughly 30 percent of the world’s gross domestic product and population.
Professor Li emphasized that RCEP could increase South Korea’s real income by up to 2% by 2035, as compared to a scenario without such an agreement. He also noted that RCEP could create a competitive market alternative to the US and European markets, benefiting participating countries significantly. Furthermore, he predicted that China would leverage RCEP to accelerate its supply chain diversification in response to pressures from the US.
The session provided an in-depth discussion on how RCEP intersects with China’s economic strategies and the broader re-globalization process. The conversation explored the practical effects of RCEP on the global economy, new opportunities and challenges for businesses and policymakers, and effective strategies for adapting to these changes.
Hosted by the World Knowledge Forum in Seoul, this annual event aims to bridge knowledge gaps and promote balanced global economic growth and prosperity.
