Talks are underway to include Hong Kong, Sri Lanka, Chile and Bangladesh in the Asean-led Regional Comprehensive Economic Partnership (RCEP), says Indonesia Vice Minister of Trade Dyah Roro Esti Widya Putri.
Dyah said that ascension talks are underway for the four countries to join RCEP, which is currently the largest free trade agreement in the world.
“There are four countries in ascension. So hopefully we will work into the ascension working group and we are of course in support of any countries that are willing to join RCEP,” she said when met by reporters after the Fourth RCEP Ministers’ meeting in Kuala Lumpur on Thursday (Sept 25).
Dyah also said there were no objections by existing members against the four countries joining RCEP.
“Everyone is in support,” she said.
The fourth RCEP Ministers’ Meeting is one of the key agendas on the fourth day of the 57th Asean Economic Ministers (AEM) meeting.
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 United States.
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.
Presently, 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.
Source: The Star
--Agencies
