Chinese Premier Li Qiang has called for accelerated expansion of the Regional Comprehensive Economic Partnership (RCEP), Asia's largest free trade agreement, during a high-stakes meeting in Kuala Lumpur. The premier specifically endorsed applications from economies including China's Hong Kong to join the 15-nation bloc that covers nearly a third of global GDP.
Speaking at the fifth RCEP Leaders' Meeting on Monday, Li emphasized China's commitment to strengthening economic integration through what he called "practical multilateralism." The premier reaffirmed Beijing's support for ASEAN's leadership role in regional trade architecture while advocating for streamlined accession procedures for new members.
The proposed expansion comes as RCEP members prepare to implement new tariff reduction schedules in 2024. Analysts suggest Hong Kong's potential inclusion could enhance financial connectivity across the Asia-Pacific, offering new opportunities for businesses and investors in digital trade and professional services.
Li's address highlighted China's three-point proposal for RCEP development: deepening industrial chain cooperation, improving dispute resolution mechanisms, and establishing technical assistance programs for developing member states. The remarks align with Beijing's broader strategy to stabilize regional supply chains amid global economic uncertainties.
