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;RCEP is a hard-won victory for multilateral cooperation and free trade,quot; said Ong Tee Keat, former Minister of Transport of Malaysia and Chairman of the Center for New Inclusive Asia, quot;This historic agreement between 15 Asia-Pacific nations will benefit economies and societies across the region.quot;