RCEP Plans 2027 Review To Keep Agreement Relevant

By Nor Baizura Basri

KUALA LUMPUR, Sept 25 (Bernama) -- The Regional Comprehensive Economic Partnership (RCEP) member states are working towards a 2027 general review of the agreement to ensure that the partnership remains relevant amidst a changing economic landscape.

In a joint statement here today, the 4th RCEP Ministers’ Meeting, which was held this morning, underscored the importance of deepening trade and investment relations and building economic resilience.

The ministers also reaffirmed their full commitment to actively promote the RCEP agreement so that businesses in the region can effectively utilise it.

"The meeting exchanged views on recent regional and global economic developments and their implications for trade, investment, and economic integration, and discussed ways to strengthen the implementation of the RCEP Agreement in support of a free and fair trade and a rules-based multilateral trading system, particularly amid the emerging global economic landscape.

"The meeting also reaffirmed its commitment to refrain from taking any measures inconsistent with the obligations under the RCEP Agreement, as well as to keep markets open, free, and rules-based, to remove unnecessary trade barriers and strengthen trade and investment facilitation across the region," said the joint statement released after the meeting.

RCEP, which was signed on Nov 15, 2020, is described as the world’s largest free trade zone after eight years of negotiations.

The meeting was co-chaired by Indonesia’s Vice Minister of Trade Dyah Roro Esti Widya Putri and Japan's Minister of Economy, Trade and Industry Yoji Muto.

RCEP comprises ASEAN alongside Australia, China, Japan, New Zealand, and South Korea.

The meeting was held in conjunction with the 57th ASEAN Economic Ministers' Meeting (AEM) and related meetings, which end tomorrow.

-- BERNAMA