Asean leaders push for stronger trade ties

The world’s largest trade pact has stressed its commitment to an open, fair and rules-based multilateral trading system, amid an increasingly unsettled geopolitical climate.

At the 47th Asean Summit and related meetings in Kuala Lumpur on Oct 27, Asean leaders met their partners under the Regional Comprehensive Economic Partnership (RCEP), which is made up of 10 Asean states as well as Australia, China, Japan, New Zealand and South Korea.

“We are the world’s largest trading bloc, representing a third of global GDP (gross domestic product) and a third of the world’s population. When we move together, we can achieve scale and impact,” said Prime Minister Lawrence Wong at the RCEP leaders’ summit, the first to be held since 2020.

In a joint statement, the RCEP said it “reaffirmed our commitment to the World Trade Organisation rules and principles as the foundations of an open, transparent, fair and rules-based multilateral trading system that ensures predictability and non-discrimination for all trading partners”.

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PHOTOS: REUTERS