Amid continued global trade uncertainties, the Regional Comprehensive Economic Partnership ( RCEP ) – the world’s largest free-trade agreement – is accelerating the process for accepting new members.

At a summit in Kuala Lumpur on October 27, leaders from RCEP countries –members of the Association of Southeast Asian Nations ( Asean ) plus Australia, China, Japan, New Zealand, and South Korea – ordered their ministers and officials to “intensify efforts” in six areas.

According to a joint statement by the leaders, these include measures to “advance the accession process of applicants into the RCEP Agreement while ensuring that the standards of the RCEP Agreement are maintained”.

Signed in Vietnam five years ago, the RCEP Agreement came into force among the 15 members in 2022. The next member is expected to be Timor-Leste, which became the 11th member of Asean at a ceremony in Kuala Lumpur on October 26.

Addressing trade uncertainties

In their joint statement, the RCEP leaders “recognized 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 amidst current global and regional economic and trade uncertainties,” the statement adds.

“In this context, we reiterated our firm commitment to enhancing the full and effective implementation of the RCEP Agreement as a vital step towards achieving the full potential of the region’s trade and growth.”

The other five areas for intensified efforts include the “full and effective” implementation of the RCEP Agreement and narrowing development gaps while addressing challenges such as climate change, digital transformation, and supply-chain vulnerabilities.

Leaders also called for the establishment of an RCEP Secretariat, preparations for a "general review” of the RCEP Agreement in 2027, and continued talks on ways to “ensure a level playing field and promote strong and resilient domestic and regional growth”.

In addition, the leaders told ministers and officials to “engage businesses and other stakeholders” to help implement the RCEP Agreement and advance economic cooperation to ensure the free-trade agreement remains inclusive.

Photo: Leaders gather for the 5th RCEP summit in Kuala Lumpur on October 27. ( Asean Secretariat )