KUALA LUMPUR, Sept 25 — A dedicated Regional Comprehensive Economic Partnership (RCEP) Secretariat is being considered to make the world’s largest trade agreement more relevant and effectively operationalised.
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the proposal was among the key items discussed during the 4th RCEP Ministers’ Meeting, alongside plans to recommend a full RCEP Leaders’ Summit, which would reaffirm commitment to regional trade and investment, as well as explore the possibility of expanding membership.
“We are discussing the establishment of a dedicated RCEP Secretariat to focus solely on RCEP matters so that the agreement can be upgraded. It is also time for a review,” he told reporters after the meeting, held on the sidelines of the 57th Asean Economic Ministers’ (AEM) Meeting and related meetings today.
The RCEP meeting was co-chaired by Japan’s Minister of Economy, Trade and Industry (METI) Muto Yoji and Indonesia’s Deputy Minister of Trade Dyah Roro Esti Widya Putri.
Tengku Zafrul said the ministers agreed on three key outcomes during the meeting.
“First, we agreed to hold this RCEP meeting because a consensus is needed among all countries. There are 15 countries involved in RCEP — all agree that the heads of state and government will meet during the RCEP meeting.
“Second, we will discuss the agenda for the summit and issue a joint statement. Third, we agreed to support trade, investment, and the regional economy, while remaining open to inviting new members to RCEP,” he added.
When asked about potential objections to expansion by countries such as Hong Kong, Sri Lanka, Chile, and Bangladesh, he said the RCEP members are open to discussion, but the final decision rests with the leaders.
“Most countries are very open, but the final decision is still up to the leaders of RCEP,” he added.
The Asean-led initiative is the world's largest trade pact, encompassing 15 members, including the 10 Asean nations plus China, Japan, South Korea, Australia, and New Zealand.
Tengku Zafrul previously noted that RCEP has not held an official leaders’ meeting since the trade deal was signed in November 2020.
In August, when announcing that Malaysia would host a RCEP leaders’ summit, Prime Minister Datuk Seri Anwar Ibrahim said RCEP remains the largest free trade area in the world, covering 30 per cent of global gross domestic product, and stressed that the grouping “must not remain a legal text on paper but must be renewed with political energy”.
