- The RCEP deal is expected to raise Cambodia’s exports by 9.4 percent to 18 percent.
- Cambodia is expecting the economic growth of about 2% to 3.8 percent, annual job growth of about 3.2 percent to 9.2 percent, and tax revenue growth of about 2% to 3.9 percent
- Cambodia’s potential goods, such as cashew nuts, mangoes, oranges, coconuts, bananas, papayas, noodles, cassava crackers, sausages, fish products, chillies, bicycles, apparel, electronics, and furniture, benefit from favorable or zero tariffs.
- Cambodia is prepared to sign a free trade deal with Korea and is ready to negotiate free trade agreements with a number of other nations across the world.
Source: AMS Economy
PHNOM PENH: The Cambodia-China Free Trade Agreement and the Regional Free Trade Agreement are the two free trade agreements Cambodia has declared will enter into force with two partners (RCEP). Cambodia expects more growth from the exports of its trade agreements under these conditions, with the RCEP deal expected to raise Cambodia’s exports by 9.4 percent to 18 percent.
In an interview on March 14, 2022, H.E Pan Sosak, the Minister of Commerce, said in an interview that, according to a new study by experts at the Aria Institute, Cambodia could see annual export growth of about 9.4% to 18%, contributing to additional economic growth of about 2% to 3.8 percent, annual job growth of about 3.2 percent to 9.2 percent, and tax revenue growth of about 2% to 3.9 percent.
He went on to say that many of Cambodia’s potential goods, such as cashew nuts, mangoes, oranges, coconuts, bananas, papayas, noodles, cassava crackers, sausages, fish products, chillies, bicycles, apparel, electronics, and furniture, benefit from favorable or zero tariffs. And there’s a lot more. Furthermore, the agreement will provide Cambodia with a new economic consolidation framework to implement with high-quality, substantial, and potentially lucrative trading partners.
His Excellency Pen Sovicheat, the Ministry of Commerce’s Undersecretary of State and spokesman, also stated that the deal will give various benefits to people and exporters, including the elimination of tariffs on agreed-upon commodities, which will aid in attracting foreign investment to create and export goods.
In addition to these two free trade agreements, Cambodia is prepared to sign a free trade deal with Korea and is ready to negotiate free trade agreements with a number of other nations across the world in order to increase exports.