Bangladesh has expressed its interest in joining the Regional Comprehensive Economic Partnership (RCEP), the world’s largest trade bloc, according to a Reuters report published Thursday.
Three other economies—Hong Kong, Sri Lanka, and Chile—have also shown interest in joining the China-backed trade alliance.
Currently, RCEP includes China, Japan, South Korea, Australia, New Zealand, and 10 ASEAN member states. The bloc was signed into effect in 2020 and represents roughly 30% of global GDP.
During an ASEAN trade and economic ministers’ meeting held in Malaysia this week, RCEP officials said they were open to the admission of new members and were already working to facilitate the entry of Bangladesh, Hong Kong, Sri Lanka, and Chile.
Indonesian Deputy Trade Minister Diah Roro Esti Vidya Putri told reporters in Kuala Lumpur on Thursday, “We will certainly support any country wishing to join RCEP.”
Malaysian Trade Minister Tengku Zafrul Aziz added that a decision on new memberships would be taken in October, when RCEP leaders meet for the first time in five years. Plans to upgrade the 2020 agreement will also be discussed at the summit, he said earlier.
Analysts note that RCEP could act as a potential buffer against US-imposed tariffs, although its provisions are considered weaker than those of other regional trade agreements due to the diverse interests of member states.
