Sri Lankan president said steps should be taken to gain membership in the Regional Comprehensive Economic Partnership (RCEP), the world's largest free trade agreement to date.

Hong Kong is set to gain early admission into the Regional Comprehensive Economic Partnership (RCEP).

Some studies by major international institutions have shown that a full-pledged implementation of the Regional Comprehensive Economic Partnership Agreement will boost trade volume by around 40 billion USD, Cambodian Prime Minister Samdech Techo Hun Sen has said.

A series of economic woes, including the Covid-19 pandemic, the Russia-Ukraine war, inflation, strengthening dollar, hawkish Fed stance, equity markets’ mayhem, supply chain disruptions, fluctuating energy prices and several other geopolitical issues have been forcing various countries to adopt new strategies for survival and recovery.

Before and after its establishment, the Regional Comprehensive Economic Partnership has faced many an obstacle and criticism. The main criticism is that China's intention behind helping establish the RCEP is to exploit and control the Association of Southeast Asian Nations politically and economically. But actually the worst challenge to the RCEP has come from the United States－in the form of the Trans-Pacific Partnership proposed by former president Barack Obama.

Hun Sen, Prime Minister of the Kingdom of Cambodia, has encouraged ASEAN to expand trade within the framework of ASEAN Free Trade Area (AFTA) and Regional Comprehensive Economic Partnership (RCEP).

The Regional Comprehensive Economic Partnership has promoted multilateralism and free trade, and all participating countries will benefit from it in the long term.

Chinese Vice Premier Han Zheng has stated that Hong Kong will be supported by Beijing for Hong Kong’s early accession to the Regional Comprehensive Economic Partnership (RCEP) to expand regional economic cooperation.

The "Indo-Pacific Economic Framework for Prosperity" announced by US President Joe Biden on May 23 is progressing on its negotiations. After the meeting of senior officials from the IPEF member countries in Singapore in mid-July, and the first virtual ministerial meeting in end-July, US Secretary of Commerce Gina Raimondo and US Trade Representative Katherine Tai will host the first in-person ministerial meeting in California on Thursday and Friday.

The Philippines and Myanmar are the only countries yet to ratify the Regional Comprehensive Economic Partnership (RCEP) after Indonesia cemented its membership of the China-backed trade deal this week.