First Physical RCEP Meeting Since 2020 Highlights Importance Of WTO Reform To Boost Trade

By Harizah Hanim Mohamed

KUALA LUMPUR, Oct 27 (Bernama) -- The Fifth Regional Comprehensive Economic Partnership (RCEP) Summit highlighted the importance of the ambitious reform undertaken by the World Trade Organisation (WTO) reform to ensure the organisation can better deliver the interests of all members.

In a joint leaders’ statement, the RCEP, which consists of 10 ASEAN nations, as well as China, Japan, South Korea, Australia and New Zealand, also reaffirmed its commitment to the WTO rules and principles as the foundation of an open, transparent, fair and rules-based multilateral trading system that ensures predictability and non-discrimination for all trading partners.

Prime Minister Datuk Seri Anwar Ibrahim, who chaired the Summit, emphasised that the RCEP leaders met at a pivotal moment, saying the importance of this meeting is clearer than ever.

“So, seize this opportunity to engage in an open and forward-looking dialogue.  We must ensure that we lay the foundation for enduring peace and prosperity in the Asia-Pacific,” he said at the 5th RCEP Summit here today.

The RCEP Summit, held at the Kuala Lumpur Convention Centre, is one of the main highlights of a packed schedule on the second day of the 47th ASEAN Summit and Related Summits under Malaysia’s ASEAN Chairmanship 2025 theme, “Inclusivity and Sustainability”.

The RCEP leaders said that regional integration pursued within the framework of the multilateral trading system, with the WTO at its core, is fundamental to the region’s economic stability, resilience and long-term prosperity.

Additionally, they recognised 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.  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,” it added.

The RCEP leaders also reaffirmed their commitment to refraining from taking any measures inconsistent with obligations under the RCEP Agreement, ensuring that markets remain open, free and rules-based, removing unnecessary trade barriers, and strengthening trade and investment facilitation for all.

“We have instructed ministers and officials to intensify efforts to commence the preparation for the general review of the RCEP Agreement scheduled for 2027 and continue discussions on ways to accelerate the implementation of the RCEP Agreement to ensure a level playing field and promote strong and resilient domestic and regional growth,” it added.

The fifth RCEP Summit is the first gathering of RCEP leaders since the agreement was signed in 2020, at the height of the COVID-19 pandemic.

-- BERNAMA