The Regional Comprehensive Economic Partnership 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 , as well as ASEAN#39;s five trading partners, namely China, Japan, South Korea, Australia and New Zealand, creating the world#39;s largest free trade bloc.

RCEP#39;s liberalization process continues with both quot;big stridesquot; and quot;small stepsquot;, said Zhao Jinping, Former Director-General, Department of Foreign Economic Relations, Development Research Center of the State Council.