as geopolitical tensions rise and protectionist measures threaten global stability, the Boao Forum for Asia (BFA) Annual Conference convened in Boao, Hainan, offering a stark contrast to the prevailing discord. The conference, centered around the theme “Asia in the Changing World: Towards a shared Future,” provided a vital space for international dialogue and cooperation.

Chinese Vice Premier Ding Xuexiang emphasized the urgency of the situation during the opening ceremony. “Our world is experiencing far greater instability and uncertainty,” Ding stated,urging attendees to “strengthen mutual trust,enhance win-win cooperation,promote economic globalization,and safeguard the free trade system.”

The timing of the conference was especially significant, coinciding with a series of escalating global crises. The U.S. government, as a notable example, was reportedly considering imposing significant tariffs on imported vehicles and auto parts, a move that could trigger retaliatory measures and disrupt global supply chains, impacting American consumers through higher prices and reduced choices. Meanwhile, conflicts in the Middle East and natural disasters in East asia underscored the interconnectedness of global challenges and the need for collaborative solutions.

Against this backdrop, the Boao Forum served as a crucial platform for addressing shared challenges, with participants engaging in discussions on building an open global economy, accelerating modernization in the Global South, tackling climate change, navigating demographic shifts, and managing the implications of artificial intelligence (AI).

Asian Economic Integration: A Path Forward

A key focus of the forum was the increasing momentum of Asian economic integration. Ding xuexiang highlighted the progress made in building an Asian community with a shared future, noting the strengthening of regional economic ties and Asia’s growing share in the global economy.

BFA Chairman and former UN Secretary-General Ban Ki-moon emphasized the importance of globalization, free trade, and open regionalism in driving the “Asian miracle.” He cautioned against the rise of unilateralism and protectionism, which could undermine the progress achieved through regional cooperation.

The Regional Thorough Economic Partnership (RCEP) was identified as a cornerstone of Asian economic integration. Kuang Xianming, deputy head of the China Institute for Reform and Progress, described the RCEP as “an significant anchor for global free trade,” emphasizing its role in opening up regional markets and advancing regional liberalization.

The RCEP, which includes the 10 ASEAN member states and their free trade agreement partners (China, Japan, South Korea, Australia, and New Zealand), represents a significant step towards deeper economic ties in the region. Its impact could be especially relevant for U.S.businesses operating in Asia, as it creates a more streamlined and integrated market. For example, a U.S. automotive parts manufacturer with a factory in Thailand could benefit from reduced tariffs and simplified customs procedures when exporting to other RCEP member countries.

Recent high-level economic dialogues between China and Japan, resulting in 20 consensus points on collaboration in areas such as green development, environmental protection, and elderly care services, further exemplify the growing cooperation within the region.

A BFA report highlighted the increasing economic interdependence of Asian economies, noting that the inward and outward foreign direct investment dependence of Asian economies on the region itself reached 49.15 percent in 2023. This trend underscores the growing importance of regional partnerships and the potential for further economic integration.

Addressing Global Challenges: The Role of the Global South, Climate Action, and AI Governance

Participants at the BFA Annual Conference emphasized the importance of dialogue and trust-building in navigating global turbulence. The Global South, whose economies contribute substantially to world economic growth, was a central focus of the discussions.

Xiaojun Grace Wang, Trust Fund Director of the UN Office for South-South Cooperation, highlighted the evolving nature of South-South cooperation, noting that it is indeed becoming “greener, smarter, and more inclusive.” She urged Global South nations to leverage digital and data-driven solutions for sustainable development through enhanced collaboration.

Climate change and the governance of emerging technologies, particularly AI, were also prominent topics of discussion.

Helena McLeod, deputy director general of the Global green Growth Institute, stressed the critical role of legislation in accelerating the global green transition. “The legislative approaches have to be addressed,and that includes the carbon pricing and pollution control policies,” McLeod stated.

The discussion on AI governance highlighted the potential risks of unregulated development. Zeng Yi, a researcher with the institute of Automation of the Chinese Academy of Sciences, warned that “if countries fail to anticipate and manage the risks of AI, they may find themselves inadequately prepared when challenges arise.” This is particularly relevant for the U.S., were ongoing debates about AI ethics and regulation are shaping the future of the technology. The recent executive order on AI safety issued by the Biden administration reflects this concern and the need for proactive governance.