ASEAN seeks to expand RCEP, CPTPP membership

ASEAN is seeking to expand its 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.

Malaysian 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

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

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.

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

He noted that ASEAN must be firm in upholding multilateralism, a core principle of the World Trade Organisation, to boost regional economic integration.

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.

Source: The Investor