The new Muji's Wrap Drawstring Pocketable Bag is a full drawstring bag which can be compacted into a small pocketable bag.
In order to make it into a tote bag, just simply put your items in the center of the bag and tighten both ends of the drawstrings.
It is light weight and easy to fold back into the small bag once done using. The bag could hold up to 20kg worth of items and it only cost for $14.