Hong Kong works on early RCEP membership

Hong Kong has started coordinating negotiations on its application to join the Regional Comprehensive Economic Partnership (RCEP) trade agreement. Hong Kong is the only applicant after India's exit in 2019. The city can only join the trade agreement after getting the nod from all 15 members. RCEP involves China, Japan, South Korea, Australia, New Zealand, and the 10 member states of the Association of Southeast Asian Nations, namely Singapore, Malaysia, the Philippines, Thailand, Vietnam, Brunei, Cambodia, Indonesia, Laos, and Myanmar. According to the Trade and Industry Department, RCEP member countries constituted over 70% of Hong Kong's total merchandise trade in 2021. Hong Kong submitted an application to the RCEP in late February 2022.