The fourth RCEP ministers’ meeting is one of the key agendas on the fourth day of the 57th Asean Economic Ministers Meeting (AEM).
Observers 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 gross domestic product (GDP).
The trade bloc could grow from the current 15 members as Hong Kong, Sri Lanka, Chile and Bangladesh have expressed interest in joining RCEP.
In a joint statement issued after the 57th Asean Economic Ministers Meeting here on Wednesday (September 24), Asean economic ministers said expanding RCEP membership would strengthen, enhance and diversify economic linkages with external partners in line with the Global Asean Strategy.
RCEP involves 15 countries, including all 10 Asean members and five key partners, namely China, Japan, South Korea, Australia and New Zealand.
It came into force in 2022 and aims to lower tariffs, boost investment and allow freer movement of goods within the region.
Asean economic ministers will also hold consultations with the UK and the European Union’s trade commissioner.
