Reuters

KUALA LUMPUR: Sri Lanka, Chile Bangladesh and Hong Kong are seeking to join the China-backed Regional Comprehensive Economic Partnership, the world&#39;s largest trade bloc, Southeast Asian officials said on Thursday. The RCEP currently consists of China, Japan, South Korea, Australia, New Zealand and all ten members of the Association of Southeast Asian Nations. RCEP officials, who are meeting on the sidelines of a gathering of ASEAN trade and economic ministers in Malaysia this week, said they had few objections to accepting new applicants and will work towards bringing the four economies into the bloc. &quot;We are of course in support of any countries that are willing to join the RCEP,&quot; Indonesia&#39;s Vice Minister of Trade Dyah Roro Esti Widya Putri told reporters in Kuala Lumpur. Malaysia&#39;s trade minister Tengku Zafrul Aziz said any decision on new RCEP members will be discussed when the bloc&#39;s leaders meet for the first time in five years in October. Tengku Zafrul has previously said the RCEP would seek to upgrade a trade deal it signed in 2020 during the October summit. Some analysts have described the RCEP as a potential buffer against tariffs imposed by the United States, though its provisions are considered weaker than some other regional trade deals due to competing interests among its members.

Chinese Yuan banknotes are seen in this illustration taken September 12, 2025. (Reuters)

Business

Several countries are seeking to join the China-backed RCEP, the world's largest trade bloc, with current members supporting expansion and planning new trade deals. 

Sri Lanka, Chile, and Bangladesh aim to join China-backed economic bloc

Web Desk

BEIJING: Pakistan and China signed bilateral agreements worth $8.5 billion on Thursday across various sectors, with Prime Minister Shehbaz Sharif describing it as a &ldquo;long march of economic growth.&rdquo; Chinese and Pakistani companies signed $7 billion in memoranda of understanding (MoU) and $1.54 billion in joint ventures at the Second Pakistan-China B2B Investment Conference in Beijing. Sectors covered include agriculture, electric vehicles (EVs), solar energy, health, chemicals, petrochemicals, iron, and steel. In his address, the Pakistani PM announced the launch of CPEC 2.0, aimed at attracting investment into diverse sectors and creating job opportunities. He assured Chinese investors that bureaucratic delays would be eliminated. Describing the forum as a reflection of the &ldquo;iron-clad brotherhood&rdquo; between Pakistan and China, Mr. Shehbaz stated that Pakistan was committed to investor facilitation and security for Chinese nationals. &ldquo;The safety of Chinese citizens is paramount,&rdquo; he said. The Pakistani PM praised China&rsquo;s transformative influence on Pakistan&rsquo;s energy and infrastructure. He noted that Pakistan overcame severe power outages thanks to China&rsquo;s support.He also pledged to focus CPEC 2.0 on business-to-business investments in agriculture, IT, artificial intelligence, minerals, and industrial relocation. Highlighting the importance of special economic zones for attracting investment, Sharif called for Chinese partnerships to modernize Pakistan&rsquo;s agriculture. Over 60% of the country&rsquo;s population is employed in the agriculture sector. The Pakistani PM recalled his first visit to China in 1982. He lauded China&rsquo;s economic rise and leadership under President Xi Jinping, stating he was committed to replicating China&rsquo;s development model to transform Pakistan&rsquo;s economy. The conference was attended by senior Chinese and Pakistani officials, including Deputy Prime Minister Ishaq Dar, Pakistan&rsquo;s Ambassador to China Khalil Hashmi, and Chinese trade representatives.

Economy

The deals aim to boost investment, job creation, and economic growth 

Articles tagged with "Chinese economy"

Sri Lanka, Chile, and Bangladesh aim to join China-backed economic bloc

CPEC 2.0: Pakistan, China sign $8.5 billion economic deals