KUALA LUMPUR: Japan has urged the Regional Comprehensive Economic Partnership (RCEP) to maintain a rules-based international trade order amid global economic uncertainties.
Its Economy, Trade and Industry Minister Yoji Muto (pic) said this during the fourth RCEP Ministers’ Meeting at the Asean Economic Ministers (AEM) meeting on Thursday (Sept 25).
“Amid the significant changes in the environment surrounding international trade, we are hoping that RCEP will contribute to the maintenance and strengthening of a rules-based international trade order.
“Today, we would like to actively discuss important issues with the ministers, including the transparent implementation of the RCEP agreement and the promotion of its use,” he said during his opening remarks at the 4th RCEP Ministers’ Meeting.
The fourth RCEP Ministers’ Meeting is one of the key agendas on the fourth day of the 57th AEM.
Observers have said Malaysia and Asean could leverage the world’s largest free trade agreement amid challenging and uncertain economic conditions with tariffs and growing protectionist policies in the US.
RCEP is a gateway to a market of more than two billion people and the 15 participating countries account for about 30% of the world’s GDP.
Hong Kong, Sri Lanka, Chile and Bangladesh have expressed interest in joining RCEP.
RCEP involves all 10 Asean members and five key partners, namely China, Japan, South Korea, Australia and New Zealand.
It came into force in 2022 and it aims to lower tariffs, boost investment and allow freer movement of goods within the region.
