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.

Former Vice Minister of Finance, Zhu Guangyao, stated that the implementation of RCEP would lead to wider market opening on the basis of the World Trade Organization.

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