Malaysia Says RCEP Mulls Adding New Members to Trade Bloc

The China-backed Regional Comprehensive Economic Partnership (RCEP) will consider adding new members and discuss ways to improve trade flows when its leaders meet for the first time in five years in October, Malaysia's trade minister said, Danial Azhar reported for Reuters.

RCEP—which includes all 10 ASEAN members as well as China, Japan, South Korea, Australia, and New Zealand—has not held an official leaders’ meeting since November 2020

Malaysia plans to host an RCEP summit, the world's largest trade bloc, alongside the annual gathering of the Association of Southeast Asian Nations (ASEAN) in Kuala Lumpur.

RCEP—which includes all 10 ASEAN members as well as China, Japan, South Korea, Australia, and New Zealand—has not held an official leaders’ meeting since November 2020, when members signed a trade deal aimed at lowering tariffs, boosting investment, and facilitating freer movement of goods within the region.

RCEP has been seen by some analysts as a potential buffer against tariffs imposed by US President Donald Trump’s administration.

The October meeting is expected to coincide with Trump’s visit to Kuala Lumpur for the ASEAN summit.

Malaysia's Investment, Trade, and Industry Minister Tengku Zafrul Aziz said the meeting will allow members to propose improvements to the RCEP trade deal and consider requests from countries seeking to join the bloc, Mandy Leong Huey Mun also reported for Reuters.