RCEP agreement in effect for all 15 members

(ECNS) -- The Regional Comprehensive Economic Partnership (RCEP) Agreement took effect on Friday for the Philippines, marking the RCEP Agreement is in effect for all 15 members.

The RCEP agreement was signed in November 2020 and went into force on Jan. 1, 2022, for China and nine other countries.

The Philippines was the last country to ratify the FTA deal.

China will continue to promote high-quality RCEP implementation, provide guidance and services for local governments, industries, and enterprises to further implement and make good use of the agreement, and fully leverage the positive role of the RCEP in promoting cooperation on industrial and supply chains, high-level opening-up and high-quality development, said the Ministry of Commerce on its website.

The RCEP agreement comprises 15 Asia-Pacific countries including 10 ASEAN member states -- Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam - as well as ASEAN's five trading partners, namely China, Japan, South Korea, Australia and New Zealand.