The Regional Comprehensive Economic Partnership agreement took effect on June 2 for the Philippines, confirming that the RCEP agreement is now in effect for all 15 members.

The RCEP agreement comprises 15 Asia-Pacific countries including 10 ASEAN member states , as well as ASEAN#39;s five trading partners, namely China, Japan, South Korea, Australia and New Zealand, creating the world#39;s largest free trade bloc.

quot;China#39;s accession to the RCEP marks a significant achievement in its 20-year history with the WTO. This open trade agreement will undoubtedly bring new opportunities for businesses and economic growth,quot; said Yi Xiaozhun, former deputy director-general of the WTO.