In 2022, China’s international trade with the other RCEP economies increased by 7.5 percent over the course of a year and reached 12.95 trillion in yuan. Implementation of the Regional Comprehensive Economic Partnership agreement can help boost investments and trade between China as well as other countries that are part of the partnership as well as bolster the long-term growth and prosperity of the world economy, as per professionals in the field of trade and business.

Their remarks on Wednesday followed the time that the Philippines has deposited the instrument to ratify the RCEP arrangement with secretary general of the Association of Southeast Asian Nations on April 3 making the first step towards fully implementing the agreement.

The trade agreement was in effects for the first 10 signatories on January 1 the previous year. In accordance with RCEP guidelines this trade agreement will be in force on the Philippines sixty days following the date of deposit, which is June 2. When that happens, the biggest free trade deal in the world will be in full force for the entire 15 nations that signed it according to The Ministry of Commerce said in an official statement issued on Wednesday.

Source: asianews.network