Ong Tee Keat: RCEP is a hard-won victory for multilateral cooperation and free trade

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南方财经全媒体记者李依农 广州报道

The Regional Comprehensive Economic Partnership (RCEP) 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 (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam), as well as ASEAN's five trading partners, namely China, Japan, South Korea, Australia and New Zealand, creating the world's largest free trade bloc.

"RCEP is a hard-won victory for multilateral cooperation and free trade," said Ong Tee Keat, former Minister of Transport of Malaysia and Chairman of the Center for New Inclusive Asia, "This historic agreement between 15 Asia-Pacific nations will benefit economies and societies across the region."