Prime Minister Datuk Seri Anwar Ibrahim announced that Malaysia, as ASEAN Chair, will convene a summit of the Regional Comprehensive Economic Partnership (RCEP) member countries in October. The summit aims to demonstrate that Asia, as a continent of major economies, can continue to champion openness amid global protectionist trends.
Speaking at the Kuala Lumpur Roundtable on Asia-Pacific Regional Cooperation of the Boao Forum for Asia, Anwar said the summit will allow the 15 RCEP members, including the 10 ASEAN nations, China, Japan, South Korea, Australia and New Zealand, to take stock and accelerate the implementation of free and open trade policies. He emphasised that RCEP, the world’s largest free-trade area covering 30% of global GDP, must be “renewed with political energy” rather than remaining “a legal text on paper.”
Anwar warned that the world’s largest economies are no longer guardians of the global trading system, citing unpredictable tariffs, export controls and financial sanctions that have created vulnerabilities worldwide. He called on Asian countries to emulate ASEAN’s model of open, inclusive and non-exclusive regionalism, highlighting the need for cohesion, coordinated policies and investment in shared resilience.
He also noted progress in ASEAN-China trade relations, with the conclusion of the ASEAN-China Free Trade Area 3.0 negotiations. The updated FTA addresses digital economy, green growth, supply chain connectivity, technical standards and support for SMEs, reflecting the evolving drivers of prosperity in the region.
Highlighting the challenges facing Asia, Anwar cited demographic shifts, unresolved rivalries and geopolitical polarisation as obstacles to regional unity. He stressed that technological disruptions including artificial intelligence, automation and digitalisation, have intensified the convergence of trade, finance, technology and security, framing a new era of geoeconomics.
Malaysia as this year’s ASEAN Chair aims to maintain the grouping’s centrality and strengthen the architecture of regional cooperation to realise what Anwar describes as the “Asian century.”
