Metro Manila, Philippines – Five economies have expressed interest in joining the Regional Comprehensive Economic Partnership (RCEP) as ASEAN seeks to broaden the membership of the regional trade bloc.
Hong Kong, Sri Lanka, Chile, Bangladesh and Uruguay are seeking accession to RCEP, according to the joint statement issued after the 58th ASEAN Economic Ministers’ Meeting in Manila on Sept. 19.
ASEAN ministers welcomed steps toward expanding RCEP and called for continued efforts to advance the accession process. The statement did not indicate when the five applications could be approved.
The regional bloc said an upgraded RCEP should remain “modern, future-ready, and responsive to the evolving regional and global economic landscape.”
The ASEAN-led trade agreement covers trade in goods and services, investment, intellectual property and electronic commerce.
The ministers described RCEP as “a cornerstone of regional trade” that strengthens supply chains and deepens trade and investment links.
