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Four Countries Seek Membership in World's Largest Trade Bloc



Four economies are seeking to join the Regional Comprehensive Economic Partnership (RCEP), the world's largest trade agreement, as officials from Southeast Asian nations confirmed during meetings in Malaysia this week. Hong Kong, Sri Lanka, Chile, and Bangladesh have formally expressed interest in joining the China backed trading bloc that currently encompasses 15 member countries.

The Regional Comprehensive Economic Partnership currently includes all 10 member states of the Association of Southeast Asian Nations, along with China, Japan, South Korea, Australia, and New Zealand. Together, these 15 countries represent approximately 30 percent of global gross domestic product and encompass more than 2.2 billion people, making it the largest free trade agreement in history.

Officials participating in discussions alongside the 57th ASEAN Economic Ministers Meeting in Kuala Lumpur indicated strong support for expanding the bloc's membership. Indonesia's Vice Minister of Trade, Dyah Roro Esti Widya Putri, stated that existing members have minimal objections to welcoming new applicants and are working toward integrating the four interested economies into the partnership.

The timing of these membership applications coincides with increased global trade uncertainty and rising protectionist policies, particularly from the United States. Some analysts view the Regional Comprehensive Economic Partnership as a potential buffer against tariffs imposed by the United States, though its provisions are considered less comprehensive than other regional trade agreements due to varying interests among member countries.

Malaysia's Trade Minister Tengku Zafrul Aziz announced that decisions regarding new memberships will be addressed during the bloc's leadership summit scheduled for October, marking the first such gathering in five years since the agreement was signed in November 2020. The summit will also consider proposals to upgrade and enhance the existing trade deal that took effect in 2022.

Each of the four applicant economies brings distinct motivations for seeking membership. Bangladesh faces the loss of preferential trade benefits when it graduates from least developed country status to developing country status in 2026, potentially affecting billions of dollars in annual exports. Hong Kong has received support from most existing members for its application, with the vetting process expected to take approximately 18 months. Sri Lanka submitted its letter of intent in June 2023 as part of broader efforts to strengthen economic integration. Chile's application represents its formal request for accession, delivered through diplomatic channels to ASEAN leadership.

The Regional Comprehensive Economic Partnership agreement aims to eliminate approximately 90 percent of tariffs on imports between member countries within 20 years of implementation while establishing common rules for electronic commerce, trade, and intellectual property. The agreement came into force in January 2022 after sufficient member countries completed their domestic ratification processes.

ASEAN economic ministers welcomed the expansion discussions in a joint statement, noting that broader membership would strengthen and diversify economic linkages with external partners in line with regional integration strategies. The ministers emphasized that expediting the accession process aligns with the bloc's commitment to maintaining open trade policies amid challenging global economic conditions.

The October summit will serve as a platform for member countries to demonstrate continued commitment to multilateral trade cooperation while addressing concerns about rising global protectionism. Prime Minister Anwar Ibrahim of Malaysia, which currently chairs ASEAN, has described the meeting as an opportunity to show that Asia can lead efforts toward economic openness even as other regions adopt more restrictive trade policies.

Current membership applications must navigate established procedures that become available 18 months after the agreement's entry into force, a threshold that has now been reached. While specific accession rules have not been finalized, interested countries will need to conduct negotiations with all 15 existing members regarding trade issues including tariffs before formal membership can be approved.

The expansion discussions reflect broader trends in regional economic integration as countries seek to maintain trade relationships and economic growth amid global uncertainties. The Regional Comprehensive Economic Partnership's potential growth from 15 to 19 members would further solidify its position as a cornerstone of Asia-Pacific economic cooperation and regional trade liberalization efforts.


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