Malaysia to host Asia’s trade bloc RCEP in October

Malaysia will host a summit of the Asean-led Regional Comprehensive Economic Partnership (RCEP) in October, as Asia’s economies seek greater trade to offset US tariffs that have slashed growth forecasts.

The summit, called by Malaysia’s Prime Minister Anwar Ibrahim, is being billed as a chance for countries representing 30 per cent of the global economy – and more than 2 billion people – to tear down their own trade barriers as the United States restricts access to its giant economy.

“The aim is to take stock, to accelerate implementation, and to demonstrate that Asia can still lead the cause of openness even as others turn inward,” Anwar said on Wednesday, during a speech at the Boao Forum for Asia, an annual economic conference, hosted in Kuala Lumpur.

Anwar did not directly name the US in his comments.

Nearly 70 per cent of all economies across the world have cut their growth forecasts, according to the World Bank.

That will push global growth down to 2.3 per cent this year – the slowest since the 2008 global recession – the bank says, as nations struggle to respond to policy uncertainty and the tariff storm whipped up by US President Donald Trump’s White House.

  

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