Three economies wait to join RCEP

Chile is the third economy wanting to join the word’s largest free trade agreement, Regional Comprehensive Economic Partnership (RCEP), which has been in force in the past two years.

Earlier, Hong Kong and Sri Lanka have informed the Asean Secretariat that they also would like to join the Asean-led RCEP. Hong Kong made the request in writing in January 2022 while Sri Lanka followed suit in June 2023.

At the last week’s Asean Economic Meeting in Vientiane, the RCEP members were urged to finalizing the Accession Procedures (AP). The RCEP is open for accession 18 months after its entry into force in July 2023. The AP process is pivotal to admit additional members.

According to an informed diplomatic source, the RCEP members have yet to reach a consensus as some members want to pre-screening ahead of candidatures by RCEP Joint Committee.

The Asean Secretariat has recently set up the RCEP Support Unit (RSU) to oversee its member countries. Mr.Taufig Wargadalam has become he first executive director of RSU.

The Asean-led RCEP has 15 members: the 10-Asean members, China, Japan, South Korea, Australia and New Zealand. It covers nearly 30 percent of อthe global GDP and 30 percent of the world’s. population. Last year, the total amount of trade among the RCEP members reached US$1.9 trillion.

The source said there is a need to increase awareness among the private sector about the RCEP benefits and ways to maximise the Agreement.