Written by The Banking Post
Bangladesh, Hong Kong, Sri Lanka, and Chile are formally seeking membership in the Regional Comprehensive Economic Partnership (RCEP), the world’s largest trade bloc led by China, according to Southeast Asian officials.
The development was revealed on Thursday as RCEP officials held discussions on the sidelines of a gathering of ASEAN trade and economic ministers in Kuala Lumpur, Malaysia. The 15-nation grouping currently includes China, Japan, South Korea, Australia, New Zealand, and all ten ASEAN members.
Officials said they were open to expanding the bloc’s membership. “We are of course in support of any countries that are willing to join the RCEP,” Indonesia’s Vice Minister of Trade Dyah Roro Esti Widya Putri told reporters.
Malaysia’s Trade Minister Tengku Zafrul Aziz confirmed that the issue of new members will be placed on the agenda when RCEP leaders meet in October, the first such summit in five years. He also hinted at potential upgrades to the 2020 trade deal that underpins the partnership.
Analysts view the RCEP as a potential counterweight to trade restrictions and tariffs imposed by the United States, although the bloc’s provisions are widely considered less stringent than those in other regional agreements, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
For countries like Bangladesh and Sri Lanka, joining RCEP could provide access to a massive market encompassing nearly a third of global trade, while Chile and Hong Kong are expected to leverage their trade-driven economies to deepen integration with Asia-Pacific supply chains.
If approved, the expansion would mark the first enlargement of RCEP since its signing in November 2020, further strengthening its position as a cornerstone of the Asia-Pacific trade architecture.
