Revitalizing Regional Ties: RCEP Eyes Expansion Amid Tariff Challenges

The Regional Comprehensive Economic Partnership (RCEP), a major Asian trade bloc including China, will meet next month to discuss potential expansions and strategies to invigorate trade. Malaysia will host the summit during the ASEAN annual assembly in Kuala Lumpur, with trade dynamics and U.S. tariffs expected as key discussion points.

Kuala Lumpur is set to host a pivotal meeting of the Regional Comprehensive Economic Partnership (RCEP) next month, gathering leaders from one of the world's largest trade blocs. This summit aims to discuss potential new members and explore avenues to strengthen trade ties across Asia.

The RCEP includes ASEAN's 10 members and economic powerhouses like China, Japan, South Korea, Australia, and New Zealand. Last formally convening in 2020, the bloc's agreement intended to reduce tariffs and foster investment and goods mobility, aiming to counterbalance U.S. tariff impacts under Trump's administration.

The forthcoming meeting will allow members to propose updates to the RCEP and consider new membership requests. Malaysian Trade Minister Tengku Zafrul Aziz emphasized the bloc's commitment to multilateralism and collaboration, underscoring that China's involvement would not overshadow broader regional engagement strategies.

(With inputs from agencies.)