RCEP Ministers Push for Admission of 4 New Countries to the Agreement

Kuala Lumpur, Sept 22 (KUNA) -- Ministers of the Regional Comprehensive Economic Partnership (RCEP) announced on Tuesday the establishment of a special working group to advance the accession process of Bangladesh, Chile, Hong Kong, and Sri Lanka to the agreement, in accordance with the steps adopted by the RCEP Joint Committee.

The announcement was made in the joint statement of the fifth meeting of RCEP ministers, which included the Association of Southeast Asian Nations (ASEAN) alongside Australia, China, Japan, New Zealand, and the Republic of Korea. The meeting was held in Manila, the capital of the Philippines, which holds the ASEAN chairmanship in 2026.

The statement clarified that the ministers welcomed the progress made in expanding the membership of the agreement and approved the recommendation of the RCEP Joint Committee to establish the special working group on accession to proceed with the procedures for the four countries and economies.

It added that the ministers also noted Uruguay’s interest in joining the agreement, expressed last February, and stated that this interest would receive due consideration.

They emphasized that the agreement would remain open and inclusive, stressing the importance of enhancing its implementation, deepening trade and investment relations, and building the resilience of participating economies amid continuous changes in the global economic landscape.

They reaffirmed their commitment to actively promoting the agreement to enable businesses in the region, including micro, small, and medium-sized enterprises, to derive tangible benefits from it.

The ministers affirmed the participating countries’ commitment to refraining from adopting measures inconsistent with the obligations stipulated in the agreement and with an open, free, fair, and rules-based multilateral trading system, with the World Trade Organization at its core.

They stressed the need to remove unnecessary trade barriers and facilitate investment for all, renewing their commitment to reforming the World Trade Organization and enhancing cooperation among participating countries through constructive dialogue, ensuring regional economic integration that yields mutual benefits and looks to the future.

The ministers appreciated the economic and technical cooperation initiatives implemented by Australia, China, Japan, New Zealand, and the Republic of Korea to promote the agreement and support ASEAN’s efforts to deepen regional economic integration.

The meeting was co-chaired by Diah Roro Esti Yudia Putri, Deputy Minister of Trade of the Republic of Indonesia, and Dr. Shane Reti, Member of Parliament of New Zealand and member of the Foreign Affairs, Defence and Trade Committee.

The Regional Comprehensive Economic Partnership (RCEP), the world’s largest regional free trade agreement, brings together the ten member states of ASEAN along with Australia, China, Japan, New Zealand, and the Republic of Korea, bringing its total membership to 15 countries, representing approximately 30 percent of global GDP and population.

The agreement was signed on November 15, 2020, and entered into force on January 1, 2022, with the aim of deepening economic integration, reducing barriers, enhancing investment and supply chains, and simplifying rules of origin. Its areas of coverage include goods, services, investment, e-commerce, intellectual property, competition, government procurement, economic and technical cooperation, and support for small businesses. (End)