KUALA LUMPUR: A dedicated Regional Comprehensive Economic Partnership (RCEP) Secretariat is being considered to make the world’s largest trade agreement more relevant and effectively operationalised.
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the proposal was among the key items discussed during the 4th RCEP Ministers’ Meeting.
He stated that plans also included recommending a full RCEP Leaders’ Summit to reaffirm commitment to regional trade and investment.
“We are discussing the establishment of a dedicated RCEP Secretariat to focus solely on RCEP matters so that the agreement can be upgraded,” he told reporters after the meeting.
The meeting was held on the sidelines of the 57th ASEAN Economic Ministers’ Meeting and related meetings today.
Tengku Zafrul said the ministers agreed on three key outcomes during their discussions.
“First, we agreed to hold this RCEP meeting because consensus is needed among all countries,” he explained.
He added that all 15 RCEP member countries agreed that heads of state and government would meet during the RCEP meeting.
“Second, we will discuss the agenda for the summit and issue a joint statement.”
The third outcome was an agreement to support trade, investment, and the regional economy while remaining open to inviting new members.
When asked about potential objections to expansion by countries such as Hong Kong, Sri Lanka, Chile, and Bangladesh, he said RCEP members are open to discussion.
“Most countries are very open, but the final decision is still up to the leaders of RCEP,” he added.
The ASEAN-led initiative is the world’s largest trade pact, encompassing 15 members including the 10 ASEAN nations plus China, Japan, South Korea, Australia, and New Zealand.
Tengku Zafrul previously noted that RCEP has not held an official leaders’ meeting since the trade deal was signed in November 2020.
Prime Minister Datuk Seri Anwar Ibrahim recently announced that Malaysia would host an RCEP leaders’ summit.
He stressed that the grouping “must not remain a legal text on paper but must be renewed with political energy”. – Bernama
