RCEP Summit to Boost Asia-Pacific Trade Amid US Tariff Challenges
The RCEP, the world's largest trade bloc, is set to discuss expanding its membership and enhancing trade flows during its first leaders' meeting in five years, coinciding with Trump's visit to the ASEAN summit in Kuala Lumpur. The meeting aims to address US-imposed tariffs and reinforce multilateralism.
The China-backed Regional Comprehensive Economic Partnership (RCEP) is preparing to expand its reach and improve trade flows at its upcoming leaders' meeting in October, Malaysia's trade minister has revealed. This summit, hosted by Malaysia during the ASEAN annual meeting, marks the first official gathering since the RCEP trade deal was signed in November 2020.
Investment, Trade and Industry Minister Tengku Zafrul Aziz highlighted the opportunity for members to propose enhancements to the RCEP agreement and to consider the requests of new countries wishing to join. Despite concerns over China's influence, Tengku Zafrul emphasized the collective support for multilateral frameworks expressed by all ASEAN and RCEP members.
Ahead of US President Donald Trump's expected visit to the Kuala Lumpur summit, discussions will also focus on his administration's tariffs, which have significantly impacted Asian economies. These tariffs are slated to be a central topic at the ASEAN ministers' meeting, attended by U.S. Trade Representative Jamieson Greer.
(With inputs from agencies.)
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