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南方财经全媒体记者李依农 广州报道

The Regional Comprehensive Economic Partnership (RCEP) agreement took effect on June 2 for the Philippines, confirming that the RCEP agreement is now in effect for all 15 members.

The RCEP agreement comprises 15 Asia-Pacific countries including 10 ASEAN member states (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam), as well as ASEAN's five trading partners, namely China, Japan, South Korea, Australia and New Zealand, creating the world's largest free trade bloc.

Currently, global geopolitical tensions, evolving economic patterns, and disordered industrial and supply chains are challenging the world. Development is the foundation and prerequisite for solving all problems, said Chi Fulin, president of China Institute for Reform and Development. “RCEP, with developing countries as the main body, regard common development as its core interest. The next 5-10 years will be a critical stage for the release of RCEP policy dividends.”