The Regional Comprehensive Economic Partnership (RCEP) has entered into full force for 15 signatory countries

The Regional Comprehensive Economic Partnership (RCEP) has entered into full force for 15 signatory countries

According to the website of the Ministry of Commerce, on June 2, 2023, the Regional Comprehensive Economic Partnership (RCEP) officially came into effect for the Philippines, marking the full entry into force of RCEP for the 10 ASEAN countries and 15 signatory countries including Australia, China, Japan, South Korea, and New Zealand. The full implementation of RCEP fully reflects the determination and actions of the 15 parties to support an open, free, fair, inclusive, and rule-based multilateral trading system. It will inject strong impetus into regional economic integration, comprehensively improve the level of trade and investment liberalization and facilitation in East Asia, and help the region and global economy maintain long-term stable development.

China will continue to promote the high-quality implementation of RCEP, provide guidance and services for local governments, industries, and enterprises to deeply implement and make good use of the agreement, promote the continuous release of the benefits of the agreement, and fully leverage the positive role of RCEP in promoting industrial chain and supply chain cooperation, promoting high-level openness and high-quality development. At the same time, we will work with other parties to fulfill our obligations under the agreement, continuously strengthen the construction of the RCEP mechanism, improve the overall implementation level of the agreement, and provide strong guarantees for the stable and long-term cooperation of RCEP.