Kuala Lumpur: Hong Kong, Sri Lanka, Chile, and Bangladesh have formally expressed their interest in joining the Regional Comprehensive Economic Partnership (RCEP), the world’s largest free trade bloc, signaling a significant step in the bloc’s potential expansion.
This announcement came during the 57th ASEAN Economic Ministers Meeting held in Kuala Lumpur, Malaysia, where economic integration and trade cooperation among member states were key discussion points.
RCEP, which became operational in January 2022, currently comprises 15 countries: the ten ASEAN nations – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam – along with China, Japan, South Korea, Australia, and New Zealand. The trade bloc aims to reduce tariffs, boost investments, enhance supply chain integration, and facilitate freer movement of goods and services among its members, creating one of the largest economic corridors in the world.
During the meeting, ASEAN Economic Ministers emphasized the importance of accelerating the accession process for interested countries. Indonesian Vice Minister of Trade Dyah Roro Esti Widya Putri expressed strong support for any country willing to join the bloc, highlighting the potential economic benefits of expanded membership.
Malaysian Trade Minister Tengku Zafrul Aziz noted that the final decisions on new members will be taken at the RCEP leaders’ summit scheduled for October, marking the first summit in five years.
The summit is expected to not only consider new memberships but also explore upgrades to the existing trade agreement to enhance trade facilitation, investment protections, and digital economy cooperation.
Economic analysts say that the inclusion of Hong Kong, Sri Lanka, Chile, and Bangladesh could further strengthen RCEP’s global significance by broadening trade networks and investment flows. Hong Kong’s entry could integrate its financial and services sector expertise, while Chile could connect Latin American trade interests to the Asia-Pacific. Sri Lanka and Bangladesh’s inclusion would expand the bloc’s reach into South Asia, creating opportunities for enhanced regional supply chains and manufacturing collaboration.
The expansion reflects ASEAN’s broader “Global ASEAN Strategy,” which aims to diversify economic partnerships, deepen regional connectivity, and create a more resilient trade network amid global uncertainties. By attracting new members, RCEP is expected to maintain its competitiveness against other major trade agreements, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the U.S.-led trade frameworks in the region.
The upcoming RCEP summit will therefore be closely watched by policymakers, investors, and international trade organizations, as the decisions made could reshape trade dynamics in the Asia-Pacific and beyond.