Asean summit: world’s No 1 trade bloc holds ‘pivotal’ meeting in face of tariffs
The ‘strategic importance’ of the Regional Comprehensive Economic Partnership is ‘clearer than ever’, Malaysian PM Anwar Ibrahim says
The world’s largest trade agreement was given a jump-start on Monday, as leaders met in Kuala Lumpur at a “pivotal” time for the global economy, desperate to turn the pact into tangible gains as sweeping US tariffs threaten to slow growth across Asia-Pacific.
But RCEP has struggled to become a relevant collective force, with its members clinging to restrictions and quotas to protect their key domestic industries.
“It is the first gathering of RCEP leaders since the signing of the agreement in 2020 at the height of the Covid pandemic,” said Anwar, who is chairing the Association of Southeast Asian Nations summit. “And again, we meet at a pivotal moment.”
Formed from the wreckage of the US-led Trans-Pacific Partnership, the RCEP aims to streamline trade and investments between its members and grow a regional economy already worth as much as US$30 trillion annually, according to some estimates.