Hong Kong, Sri Lanka, Chile, and Bangladesh have expressed interest in joining the China-backed Regional Comprehensive Economic Partnership (RCEP), the world’s largest trade bloc, Southeast Asian officials confirmed on Thursday.
Currently, RCEP comprises China, Japan, South Korea, Australia, New Zealand, and all ten members of the Association of Southeast Asian Nations (ASEAN).
Officials meeting on the sidelines of an ASEAN trade and economic ministers’ gathering in Malaysia indicated there were few objections to admitting new members and that efforts would be made to incorporate the four economies into the bloc.
Indonesia’s Vice Minister of Trade, Dyah Roro Esti Widya Putri, told reporters in Kuala Lumpur, “We are of course in support of any countries that are willing to join the RCEP.”
Malaysia’s Trade Minister, Tengku Zafrul Aziz, noted that any decision regarding new members will be discussed during the bloc’s leaders’ summit in October, the first in five years. He added that the summit will also explore upgrading the trade deal originally signed in 2020.
Analysts have suggested that RCEP could serve as a potential buffer against tariffs imposed by the United States, although its provisions are seen as weaker than some other regional trade agreements due to differing interests among its members.
