Kuala Lumpur: Malaysia is preparing to host a major summit of the Regional Comprehensive Economic Partnership (RCEP) this October, a move that underscores the country’s leadership role in regional trade at a time when the global economy faces mounting uncertainty. The announcement comes as Malaysia holds the ASEAN chairmanship, giving it a dual platform to drive both regional diplomacy and economic cooperation.
The RCEP, which came into force in 2022, is the world’s largest free trade agreement, bringing together 15 Asia-Pacific economies, including the 10 ASEAN nations along with China, Japan, South Korea, Australia, and New Zealand. Collectively, the bloc accounts for about 30 percent of global GDP and nearly one-third of the world’s population. The upcoming summit is expected to review progress made since its implementation and explore ways to accelerate tariff reductions, harmonize trade standards, and boost investment flows across the region.
Prime Minister Anwar Ibrahim has emphasized that the summit will serve as a platform to showcase Asia’s unity in preserving open trade, even as protectionist policies are gaining ground in several parts of the world. “Malaysia intends to demonstrate that our region is not only committed to cooperation but also capable of shaping global economic direction,” he said in remarks to local media.
For Malaysia, hosting the RCEP summit alongside the ASEAN Leaders’ Meeting presents a significant opportunity to project itself as a regional hub for diplomacy. It also reinforces ASEAN’s central role in fostering economic integration, particularly as the region grapples with supply chain disruptions, rising costs, and a fragmented global trading system.
Economic analysts believe the October summit could inject fresh momentum into RCEP’s implementation, moving it beyond technical procedures to deliver tangible benefits for member states. Discussions are expected to focus on expanding market access, digital trade facilitation, and sustainable development, with the aim of ensuring that RCEP becomes not just a symbolic pact but a driver of inclusive growth across Asia-Pacific.
The gathering will also be closely watched by global observers, as the United States and European Union continue to pursue their own trade realignments. By convening the RCEP summit, Malaysia is positioning itself and the wider region as a counterweight to rising protectionism, reaffirming Asia’s ambition to remain the engine of global growth.