Bangladesh, along with Hong Kong, Sri Lanka and Chile, has formally expressed interest in joining the China-backed Regional Comprehensive Economic Partnership (RCEP), the world’s largest trade bloc, according to Southeast Asian officials.
RCEP currently comprises China, Japan, South Korea, Australia, New Zealand and all ten members of the Association of Southeast Asian Nations (ASEAN). Officials attending the ASEAN trade and economic ministers’ meeting in Malaysia this week indicated there were few objections to admitting new members, and discussions would continue on integrating the four aspiring economies.
“We are of course in support of any countries that are willing to join the RCEP,” Indonesia’s Vice Minister of Trade, Dyah Roro Esti Widya Putri, told reporters in Kuala Lumpur.
Malaysia’s Trade Minister, Tengku Zafrul Aziz, said decisions on new membership applications would be considered when RCEP leaders convene in October — their first summit in five years. He has previously noted that the bloc also aims to upgrade its founding trade agreement, signed in 2020, during the same meeting.
Analysts suggest the RCEP could serve as a buffer against tariffs imposed by the United States, though many view its provisions as weaker than other regional trade pacts, given the competing priorities of its members.
