The Regional Comprehensive Economic Partnership (RCEP) agreement took effect on Friday for the Philippines, marking the RCEP agreement entering into effect for all 15 members, according to the Ministry of Commerce.

The RCEP came into force on the first day of 2022 and is a mega free trade agreement involving Australia, China, Japan, South Korea, New Zealand and the 10 members of the Association of Southeast Asian Nations (ASEAN). It is the world's largest free trade bloc covering about 30 percent of the world's population, as well as 30 percent of the world's economic and trade volume.