Beijing: The Regional Comprehensive Economic Partnership (RCEP) agreement took effect on Friday for the Philippines, confirming that the deal is now in effect for all 15 members.
The full RCEP implementation reflects the determination and actions of its 15 members — 10 members of the Association of Southeast Asian Nations, China, Japan, South Korea, Australia and New Zealand — in supporting an open, free, fair, inclusive and rules-based multilateral trading system, China’s commerce ministry commented, reports Xinhua news agency.
The RCEP agreement was signed in November 2020 by the 15 Asia-Pacific countries after eight years of negotiations.
It entered into force on the first day of 2022, creating the world’s largest trade bloc.
The full implementation will inject strong momentum into regional economic integration, comprehensively enhance the level of trade and investment liberalisation and facilitation in East Asia, and contribute to the long-term stable development of the regional and global economy, said the Commerce Ministry in Beijing.