The Regional Comprehensive Economic Partnership (RCEP) agreement has come into effect in the Philippines today, reported Xinhua.
With this development, the RCEP agreement is now in effect in all its 15 member countries, comprising the 10 Asean countries, China, Japan, South Korea, Australia and New Zealand.
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.
The RCEP reflects the determination of its 15 members in supporting an open, free, fair, inclusive and rules-based multilateral trading system, according to China’s commerce ministry.
It will inject strong momentum into regional economic integration, enhance regional trade and investment liberalisation, and contribute to the long-term development of the regional and global economy, the ministry added.
In 2022, trade between China and other RCEP members increased 7.5% year-on-year to 12.95 trillion yuan (RM8.35 trillion), while their investment in China, in actual use, went up 23.1% to US$23.53 billion (RM108 billion).
The commerce ministry said that China will continue to ensure the RCEP is properly implemented in order to facilitate supply chain and industrial chain cooperation, and promote high-quality development.
China will also work with other parties to improve the RCEP mechanism and overall implementation, it added.
