ASEAN-Led RCEP May Welcome Sri Lanka, Hong Kong, Chile, and Bangladesh

COLOMBO (News 1st); Sri Lanka is currently in ascension talks to join the Regional Comprehensive Economic Partnership (RCEP), the world’s largest free trade agreement, according to Indonesia’s Vice Minister of Trade, Dyah Roro Esti Widya Putri.

Speaking to reporters following the Fourth RCEP Ministers’ Meeting, held as part of the 57th ASEAN Economic Ministers (AEM) gathering, Dyah confirmed that Sri Lanka, Hong Kong, Chile, and Bangladesh are actively engaged in discussions to become part of the 15-member trade bloc.

“There are four countries in ascension. So hopefully we will work into the ascension working group and we are of course in support of any countries that are willing to join RCEP,” Dyah said.

She added that no objections had been raised by existing RCEP members regarding the inclusion of the four countries. “Everyone is in support,” she affirmed.

RCEP, which came into force in 2022, currently includes all 10 ASEAN member states along with China, Japan, South Korea, Australia, and New Zealand. The agreement covers a market of over two billion people, representing approximately 30% of global GDP, and aims to lower tariffs, boost investment, and facilitate freer movement of goods and services across the region.