How Does ASEAN View RCEP Expansion as a Boost for Economic Linkages?
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Synopsis
ASEAN economic ministers believe that expanding RCEP membership will significantly enhance economic ties with global partners. This strategic move aims to diversify and strengthen the region's economic landscape, offering new opportunities for collaboration and trade. Discover how this expansion could reshape economic relationships in Southeast Asia and beyond.
Key Takeaways
- RCEP expansion is crucial for strengthening ASEAN's economic ties.
- New members like Hong Kong, Sri Lanka, Chile, and Bangladesh are looking to join.
- ASEAN and GCC are collaborating on economic initiatives.
- The RCEP Support Unit is operational to assist the Joint Committee.
- Regional biosafety and biosecurity efforts are underway.
Kuala Lumpur, Sep 25 (NationPress) The economic ministers from the Association of Southeast Asian Nations (ASEAN) have expressed that the enlargement of the Regional Comprehensive Economic Partnership (RCEP) membership is set to further bolster and broaden its economic connections with international partners.
In a collaborative statement released following the 57th ASEAN Economic Ministers (AEM) Meeting held here on Wednesday (local time), the ministers acknowledged the interest shown by Hong Kong (China), Sri Lanka, Chile, and Bangladesh to join the RCEP Agreement. They urged officials to hasten discussions to initiate the accession process as swiftly as possible.
Furthermore, the meeting highlighted, "The full operationalisation of the RCEP Support Unit is welcomed along with its initiatives to assist the RCEP Joint Committee and its affiliated bodies."
The RCEP, recognized as the world’s most extensive free trade agreement to date, encompasses 10 member states of ASEAN and five partners involved in free trade agreements, namely China, Japan, South Korea, Australia, and New Zealand, according to reports from Xinhua news agency.
The ministers also approved the Joint Declaration on Economic Cooperation between ASEAN and the Gulf Cooperation Council (GCC), which was embraced during the second ASEAN-GCC Summit on May 27, advocating for sectoral collaboration and a joint feasibility study on a possible ASEAN-GCC Free Trade Agreement.
The AEM and related meetings are being conducted from September 22 to 26.
Earlier this month, officials from ASEAN member nations and partner countries gathered in Laos to strategize and develop an action plan based on the ASEAN leaders' declaration aimed at enhancing regional biosafety and biosecurity.
They participated in the second meeting focused on the formation of the ASEAN Network on Biosafety and Biosecurity, which is part of a regional initiative to fortify preparedness and response to potential biological threats.
During this meeting, attendees defined regional priorities, clarified roles and responsibilities, and appointed lead implementers and partners to facilitate coordinated efforts in the prevention, detection, and response to biological threats, as reported by the Lao Ministry of Health.
Point of View
ASEAN's commitment to expanding the RCEP membership reflects its proactive approach to enhancing economic resilience and global competitiveness. By inviting new members, ASEAN not only diversifies its economic dependencies but also positions itself as a pivotal player in the global trade arena, aligning with its strategic goals for sustained growth.
NationPress
25/09/2025
Frequently Asked Questions
What is the RCEP?
The RCEP, or Regional Comprehensive Economic Partnership, is the world's largest free trade agreement, involving 10 ASEAN member states and five partner countries including China, Japan, and Australia. It aims to enhance trade and economic cooperation among its members.
Which countries are interested in joining the RCEP?
Countries like Hong Kong (China), Sri Lanka, Chile, and Bangladesh have expressed interest in joining the RCEP Agreement.
What was discussed in the recent ASEAN Economic Ministers Meeting?
The recent meeting focused on the importance of expanding RCEP membership and included discussions on economic cooperation with the Gulf Cooperation Council (GCC).
What is the goal of the ASEAN Network on Biosafety and Biosecurity?
The ASEAN Network on Biosafety and Biosecurity aims to strengthen regional preparedness and response to biological threats through coordinated efforts among member states.
How does RCEP impact ASEAN's economy?
RCEP is expected to enhance ASEAN's economic linkages with external partners, helping to diversify its economic relationships and boost overall economic growth.
