KUALA LUMPUR: Member states of the Regional Comprehensive Economic Partnership are planning a comprehensive review of the agreement in 2027 to maintain its relevance in a dynamic global economy.
The decision was announced in a joint statement following the 4th RCEP Ministers’ Meeting held today.
Ministers emphasised the critical need to deepen trade and investment ties while enhancing regional economic resilience.
They also pledged their full commitment to actively promote the agreement so regional businesses can maximise its benefits.
“The meeting exchanged views on recent regional and global economic developments and their implications for trade, investment, and economic integration.”
“Ministers discussed ways to strengthen the implementation of the RCEP Agreement in support of a free and fair trade and a rules-based multilateral trading system.”
“The meeting also reaffirmed its commitment to refrain from taking any measures inconsistent with the obligations under the RCEP Agreement.”
Officials further committed to keeping markets open, free, and rules-based while removing unnecessary trade barriers.
The partnership aims to strengthen trade and investment facilitation across the entire region.
RCEP was signed on 15 November 2020 after eight years of complex negotiations.
It currently stands as the world’s largest free trade zone by coverage.
The ministerial meeting was co-chaired by Indonesia’s Vice Minister of Trade Dyah Roro Esti Widya Putri and Japan’s Minister of Economy, Trade and Industry Yoji Muto.
The partnership includes all ten ASEAN member states along with Australia, China, Japan, New Zealand, and South Korea.
This meeting was part of the 57th ASEAN Economic Ministers’ Meeting and related gatherings concluding tomorrow. – Bernama
