On June 2nd, the Regional Comprehensive Economic Partnership (RCEP) came into full effect for all 15 member countries, marking a new phase of comprehensive implementation for the world's largest free trade area.
On January 1st, 2022, RCEP officially took effect for 10 countries including Brunei, Cambodia, Laos, Singapore, Thailand, Vietnam, China, Japan, New Zealand, and Australia. It became effective for South Korea on February 1st and Malaysia on March 18th. Myanmar's participation began on May 1st. On January 2nd, 2023, RCEP officially took effect for Indonesia, and on June 2nd, it came into effect for the Philippines. With this, all 15 member countries of RCEP have completed the implementation process, enabling mutual tariff reductions and expanding the benefits of preferential policies.
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