The pact provides another engine for economic growth, Arsenio Balisacan said in a tweet, commending lawmakers for taking such a “bold and game-changing move”.
, covering about a third of its population and 30% of its gross domestic product.
The idea of RCEP was hatched in 2012 and was seen as a way for China, the region’s biggest importer and exporter, to counter growing U.S. influence. It also includes Japan, South Korea, Australia, New Zealand and the nine other members of the Association of Southeast Asian Nations bloc – Brunei, Vietnam, Laos, Cambodia, Thailand, Myanmar, Malaysia, Singapore, and Indonesia.
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