KUALA LUMPUR: The leaders of countries in the Regional Comprehensive Economic Partnership have gathered in Kuala Lumpur for the first summit since the world’s largest trade pact was signed in 2020.
Prime Minister Datuk Seri Anwar Ibrahim, who chaired the meeting as Asean Chair, described the moment as pivotal.
“It carries a special significance because it is the first gathering of RCEP leaders since signing the agreement in 2020 at the height of the Covid-19 pandemic,” he said at the RCEP Summit on Monday (Oct 27).
The summit was held on the sidelines of the 47th Asean Summit and Related Summits.
He said trade and investment have rebounded strongly since the pandemic, underscoring resilience and shared prosperity defined in the RCEP spirit, adding that the strategic importance of the meeting is clearer than ever.
Anwar urged leaders to seize the opportunity for dialogue and lay the foundation for enduring peace and prosperity in Asia Pacific.
The Asean-led RCEP involves all 10 Asean members and five key partners, namely New Zealand, China, Japan, South Korea and Australia.
It came into force in 2022 and aims to lower tariffs, boost investment and allow freer movement of goods in the region.
Hong Kong, Sri Lanka, Chile and Bangladesh have recently expressed interest in joining the RCEP.
The 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.
