INTERNATIONAL
Malaysia plans to convene RCEP summit in October, report says
Prime Minister Datuk Seri Anwar Ibrahim said he intends to convene a summit of the Regional Comprehensive Economic Partnership in October. -REUTERS/Filepic
KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim said he intends to convene a summit of the Regional Comprehensive Economic Partnership in October, local media reported on Wednesday.
AI Brief
The RCEP, the world's largest trade bloc, is backed by China and counts 15 Asia-Pacific economies as members, including Australia, Japan, South Korea, New Zealand and the 10 countries of the Association of Southeast Asian Nations.
Malaysia, the current chair of ASEAN, is due to host a leaders' summit of the grouping and its regional partners in the same month as the planned RCEP meeting.
"The aim (of the RCEP meeting) is to take stock, to accelerate implementation and to demonstrate that Asia can still lead the cause of openness even as others turn inward," Anwar was quoted as saying by Malaysian daily The Star.
The RCEP, which came into force in 2022, is aimed at lowering tariffs, boosting investment and allowing freer movement of goods within the region.
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AI Brief
- RCEP includes 15 Asia-Pacific economies and seeks to lower tariffs and boost regional trade and investment.
- Malaysia will host a summit to review progress and push for faster implementation of the agreement.
- Leaders aim to show Asia's commitment to openness amid rising global protectionism.
The RCEP, the world's largest trade bloc, is backed by China and counts 15 Asia-Pacific economies as members, including Australia, Japan, South Korea, New Zealand and the 10 countries of the Association of Southeast Asian Nations.
Malaysia, the current chair of ASEAN, is due to host a leaders' summit of the grouping and its regional partners in the same month as the planned RCEP meeting.
"The aim (of the RCEP meeting) is to take stock, to accelerate implementation and to demonstrate that Asia can still lead the cause of openness even as others turn inward," Anwar was quoted as saying by Malaysian daily The Star.
The RCEP, which came into force in 2022, is aimed at lowering tariffs, boosting investment and allowing freer movement of goods within the region.