The Regional Comprehensive Economic Partnership (RCEP) took effect for the Philippines on Friday, putting the trade agreement in effect for all its 15 signatory members as the world witnesses the largest free trade bloc entering a new stage of full implementation.

Initiated by the Association of Southeast Asian Nations (ASEAN) in 2012, the RCEP is a free trade agreement (FTA) among the 10 ASEAN members and their FTA partners, namely China, Japan, South Korea, Australia and New Zealand. 

The FTA covers about 30 percent of the global population and accounts for around 30 percent of global GDP and trade, according to China's Ministry of Commerce data.

With the RCEP in full effect, the deal will inject strong impetus into the region's economic integration, comprehensively enhance the level of free trade and facilitate investment in East Asia, and contribute to the stable long-term economic development in both the region and the world at large, the ministry said on Friday in a statement.

As the free trade pact greatly promotes the free flow of raw materials, products, technologies, talent, capital, information and data and other elements of production in the region, a more prosperous integrated regional market is gradually forming, it said.

Meanwhile, RCEP is also boosting a higher level of opening-up and cooperation among its member states.

In the first four months of 2023, China's imports and exports with other RCEP members reached 4.12 trillion yuan ($580 billion), growing by 7.3 percent year on year, official data showed. 

The Chinese commerce ministry said the RCEP has been delivering tangible dividends and benefits to companies, as it creates favorable conditions for companies and helps them reduce trade costs.

(Cover via CFP)