ASEAN Seeks To Expand Membership In RCEP, CPTPP To Boost Regional Economic Integration

KUALA LUMPUR, May 15 (Bernama) -- ASEAN is seeking to expand membership in two key trade agreements – the Regional Comprehensive Economic Partnership (RCEP) and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) – as part of efforts to strengthen regional economic integration.

Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the matter was discussed when he chaired the ASEAN Caucus Meeting held in conjunction with the 31st Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) Meeting in Jeju, South Korea.

“Among the matters discussed today include the expansion of RCEP and CPTPP membership,” he told Bernama.

To date, only four ASEAN countries are members of the CPTPP, namely, Brunei, Malaysia, Singapore, and Vietnam.

Tengku Zafrul is leading Malaysia’s delegation to Jeju as trade ministers from the 21 APEC member economies gather for the two-day MRT meeting that starts today.

Tengku Zafrul said the recent United States tariff announcement had a significant impact on intra-ASEAN trade dynamics, as well as that with trading partners, particularly in sectors entrenched in the global supply chains.

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According to him, ASEAN's adherence to the principles of neutrality and non-alignment allows the region to voice its position independently in forums such as APEC, which he described as an important platform to raise the concerns and interests of the world's fifth-largest economy.

During the meeting, he said, ASEAN unanimously reaffirmed its stance to uphold the multilateral trading system and reject any form of unilateralism.

“We must be firm in upholding multilateralism, a core principle of the World Trade Organisation, to boost regional economic integration,” said Tengku Zafrul.

As part of efforts to strengthen regional cooperation, Tengku Zafrul said, ASEAN also plans to hold special consultative sessions with major trading partners, starting with China and Japan.

He said the ASEAN Economic Ministers (AEM)-China Ministry of Commerce (MOFCOM) as well as AEM-Japan’s Ministry of Economy, Trade and Industry (METI) Special Consultations will be held on May 20.

Tengku Zafrul also stated that ASEAN needs to adopt a united approach and speak collectively during the APEC MRT Meeting, particularly in addressing the current global tariff issue.

“Malaysia is fully committed to making this year of its ASEAN chairmanship a defining year for deeper ASEAN economic integration,” he added.

-- BERNAMA