MEMBERS of the Regional Comprehensive Economic Partnership (RCEP) agreed to strengthen implementation of the trade pact and deepen trade and investment ties.
The fifth RCEP Ministers’ Meeting last Monday, Sept. 21, 2026, brought together the 10 Asean members and Australia, China, Japan, New Zealand and South Korea to discuss global and regional economic developments and their implications for trade and investment.
The ministers reaffirmed their commitment to promoting RCEP among businesses, particularly micro, small and medium enterprises, and to removing unnecessary barriers to trade while improving investment facilitation.
They also reiterated support for an open and rules-based multilateral trading system centered on the World Trade Organization (WTO) and backed continued WTO reform.
The meeting approved the establishment of an ad hoc Accession Working Group to advance the accession process for Bangladesh, Chile, Hong Kong, China and Sri Lanka.
It also noted Uruguay’s expression of interest in joining the agreement in February 2026, which will be considered in due course.
RCEP members also began preparations for the agreement’s 2027 General Review, or RCEP Upgrade.
The RCEP Joint Committee was tasked with preparing a Joint Scoping Paper that will identify key elements and areas for the review. The ministers are expected to endorse the paper and announce the formal launch of the upgrade process at their 2027 meeting.
The review is intended to keep RCEP relevant amid changes in the global economy, including by considering provisions covering modern and emerging issues.
The ministers also emphasized greater engagement with the private sector, which they identified as the primary users of the agreement. They welcomed continued consultations between the RCEP Business Advisory Council and government officials on implementation and business concerns.
RCEP members further recognized contributions from academics, experts and businesses through research and policy dialogues supporting preparations for the 2027 review.
The ministers also welcomed the launch of the official RCEP website, which will serve as a central platform for public information on the trade agreement.
RCEP is the world’s largest free trade agreement by economic coverage and includes the 10 Asean economies plus Australia, China, Japan, New Zealand and South Korea.
RCEP was signed in November 2020 and began taking effect in January 2022. It is often described as one of the world’s largest trade agreements because its members collectively account for roughly 30 percent of global gross domestic product and population. / KOC