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The 15 members of the Regional Comprehensive Economic Partnership have reasserted the principles of an open and fair global trading system as they reaffirmed their commitment to boost economic ties
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In a joint statement as they gathered on October 27 in Kuala Lumpur, Malaysia for the 5th RCEP Summit, they emphasized the importance of a rules-based trading system that ensures predictability and non-discrimination
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To concretize the pronouncement, government ministers and officials have been instructed to take steps in enhancing the implementation of the RCEP Agreement and Strengthen RCEP institutions
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The acceptance process for other countries that have expressed intent to join the trade grouping will be expedited
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Preparations are also set to start for the General Review of the RCEP Agreement in 2027
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The Philippines will host an International Trade Forum in November 2026 and aims to organize a regional campaign for dialogue, business-matching, and collaboration to boost RCEP utilization
Leaders of the Association of Southeast Asian Nations (ASEAN) and their five counterparts in the Regional Comprehensive Economic Partnership (RCEP) have reasserted the principles of an open and fair and global trading system as they reaffirmed their commitment to boost economic ties.
“We reaffirmed our commitment to the World Trade Organization (WTO) rules and principles as the foundations of an open, transparent, fair and rules-based multilateral trading system that ensures predictability and non-discrimination for all trading partners,” the signatories to the partnership said in a joint statement as they gathered on October 27 in Kuala Lumpur, Malaysia for the 5th RCEP Summit.
RCEP, the world’s biggest trade pact signed in 2020 and went into force in 2022, is composed of 10 ASEAN countries, Australia, China, Japan, New Zealand, and South Korea.
“We are also deeply conscious of the importance of strengthening the region’s economic resilience amidst current global and regional economic and trade uncertainties,” they said.
To concretize the pronouncement, government ministers and officials have been instructed to take steps in enhancing the implementation of the RCEP Agreement and Strengthen RCEP institutions through the establishment of an effective RCEP Secretariat.
They also called to expedite the acceptance process for other countries that have expressed intent to join the regional trade grouping. These include Hong Kong, Sri Lanka, Chile and Bangladesh.
The joint statement also stressed that the RCEP economic cooperation agenda must narrow the gap of implementation, especially for the less developed economies, and address longer-term emerging challenges such as climate change, digital transformation and supply chain vulnerabilities.
Preparations are also set to start for the General Review of the RCEP Agreement in 2027.
RCEP leaders also called for closer engagement of businesses and other stakeholders to ensure an inclusive economic agenda, which was already highlighted in the original agreement.
It particularly mentions the importance of opening opportunities for micro, small, and medium enterprises (MSMEs) – which make up more than 90% of business establishments across all RCEP participating countries – to be part of regional and global trade.
President Ferdinand Marcos Jr. of the Philippines, which will assume chairmanship of the ASEAN next year, emphasized that the RCEP’s success depends on how effectively the agreement is translated into on-the-ground opportunities for businesses, including MSMEs.
“Amidst today’s global uncertainties, which include shifts to inward trade policies, ASEAN’s commitment to a rules-based trading system remains our strongest anchor,” he said in his speech at the 5th RCEP Leaders’ Summit.
He announced that the Philippines will host an International Trade Forum in November next year and is prepared to work with the RCEP parties to organize a regional campaign for dialogue, business-matching, and collaboration to boost RCEP utilization.
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“These efforts are essential if we are to unlock the full value of the agreement and broaden economic opportunities across our economies,” Marcos said.
