RCEP fully enters into force for 15 signatory countries

On June 2nd, the Regional Comprehensive Economic Partnership Agreement (RCEP) officially entered into force for the Philippines, marking the full entry into force of RCEP for 15 signatory countries.

On November 15, 2020, the 10 ASEAN countries, along with Australia, China, Japan, South Korea, and New Zealand, jointly signed the RCEP and promoted its official entry into force on January 1, 2022. On June 2, 2023, RCEP officially entered into force for the Philippines, and thus the agreement became fully effective for 15 signatory countries. The total population, GDP, and trade value of goods in the RCEP region all account for about 30% of the global total. The full entry into force of the agreement for 15 parties marks a new stage in the comprehensive implementation of the world's most populous, largest economic and trade scale, and most promising free trade zone.

The full implementation of RCEP fully reflects the 15 parties' practical support for an open, free, fair, inclusive, and rule-based multilateral trading system, and their joint commitment to continuously promoting comprehensive, mutually beneficial, and high-level economic partnerships. The commitment of 15 parties to open up markets for goods, services, and investment, combined with high-level rules in various fields, will greatly promote the free flow of production factors such as raw materials, products, technology, talent, capital, information, and data within the region, promote the gradual formation of a more prosperous regional integrated market, and promote wider, higher level, and deeper open cooperation among member countries.