Transcending barriers: Interpreters facilitating communication among leaders at the 47th Asean Summit and Related Summits at the Kuala Lumpur Convention Centre. — Bernama
KUALA LUMPUR: The Asean-led world’s largest trade pact – the Regional Comprehensive Economic Partnership (RCEP) – is a pivotal agreement to strengthen the region’s economic resilience amidst global uncertainties.
The 15-member grouping also pledged to advance the accession of applicants into the world’s largest trade pact.
This comes after member countries convened their first summit on Monday after signing the agreement in 2020.
Prime Minister Datuk Seri Anwar Ibrahim said the summit was more than a formal summit but is also a reflection of a shared resolve to build an Asia-Pacific rooted in mutual trust, respect and shared prosperity.
“For the first time since the RCEP Agreement was signed amid the uncertainty of the pandemic five years ago, regional leaders gathered once again, renewing the spirit of cooperation that began in adversity and now stands as a symbol of resilience,” he said in a Facebook post after the summit.
“Malaysia is honoured to host this historic gathering, a bridge uniting peoples, rekindling friendships and inspiring a future defined by peace, understanding and enduring partnership,” he said.
In a joint statement, the member states said they have instructed their ministers and officials to intensify efforts in adopting several measures to remain relevant and responsive to regional and global challenges, including by advancing the accession process of applicants while ensuring that the standards of the RCEP Agreement are maintained.
They also want to strengthen RCEP institutions through the establishment of an effective RCEP Secretariat and commence the preparation for the General Review of the RCEP Agreement, scheduled for 2027.
The 15 countries will also continue discussions on ways to accelerate the implementation of the RCEP Agreement to ensure a level playing field and promote strong and resilient domestic and regional growth, including by progressing the built-in agenda and expanding the benefits of RCEP.
“We reaffirmed our commitment to the World Trade Organisation (WTO) rules and principles as the foundations of an open, transparent, fair and rules-based multilateral trading system that ensures predictability and non-discrimination for all trading partners.
“We recognised the pivotal role of RCEP in contributing to regional economic integration and cooperation.
“We are also deeply conscious of the importance of strengthening the region’s economic resilience amid current global and regional economic and trade uncertainties,” the statement said.
They also reaffirmed their commitment to refraining from taking any measures inconsistent with the obligations under the RCEP Agreement and ensuring that markets remain open, free and rules-based, removing unnecessary barriers to trade, and strengthening trade and investment facilitation for all.
“We reaffirmed our support to Asean centrality and commitment in promoting open and inclusive regional economic integration that is mutually beneficial and forward-looking.
“To this end, we welcomed initiatives that reinforce regional economic resilience, in the spirit of open regionalism,” they added.
The Asean-led RCEP, involves 10 Asean members and five key partners, namely New Zealand, China, Japan, South Korea and Australia.
It came into force in 2022 and it aims to lower tariffs, boost investment and allow freer movement of goods within the region.
Hong Kong, Sri Lanka, Chile and Bangladesh have recently expressed interest in joining RCEP.
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.
