The Regional Comprehensive Economic Partnership (RCEP) officially became effective on June 2 for the Philippines, which meant that the RCEP agreement came into force for all 15 members.

With the RCEP agreement, which entered into force on January 1, 2022, enterprises in the region, will enjoy the benefits such as more options for sourcing, improved trade facilitation and business environment, and integrated regional industrial and supply chains.

The RCEP is a free trade agreement, involving China, Japan, South Korea, Australia, New Zealand, and 10 members of the Association of Southeast Asian Nations (ASEAN). The full implementation of the RCEP will be beneficial to regional and global economic development.