The Regional Comprehensive Economic Partnership (RCEP) agreement entered into force for some countries on January 1, 2022, paving the way for the creation of the world’s largest free trade area.
The RCEP took effect for countries which have already ratified the agreement: Australia, Brunei Darussalam, Cambodia, China, Japan, Lao PDR, New Zealand, Singapore, Thailand, and Vietnam.
For South Korea, it will enter into force on February 1, 2022.
As for the remaining signatory states—Indonesia, Malaysia, Myanmar, and the Philippines—the agreement will take effect 60 days after the deposit of their respective instrument of ratification, acceptance, or approval with the Secretary-General of the Association of Southeast Asian Nations (ASEAN) as the Depositary of the RCEP Agreement.
For the full report, visit https://www.portcalls.com/ph-remains-on-sidelines-as-rcep-takes-effect-in-10-countries/