In 2022, China's foreign trade with other RCEP economies grew by 7.5 per cent year-on-year to 12.95 trillion yuan. The complete implementation of the Regional Comprehensive Economic Partnership agreement will help bolster trade and investment between China and other participating countries, and will advance long-term prosperity and growth for the global economy, according to trade experts and business executives.
Their comments on Wednesday came after the Philippines deposited its instrument of ratification of the RCEP agreement with the secretary-general of the Association of Southeast Asian Nations on April 3, marking the final step toward the agreement’s full implementation.
The trade pact took effect for the first 10 ratifying countries on January 1 last year. Under RCEP rules, the trade deal will take effect for the Philippines 60 days after the deposit of ratification, or June 2. At that time, the world’s largest free trade agreement will come into full effect for all 15 signatory countries, the Ministry of Commerce said in a statement on Wednesday.
Source: asianews.network