PHNOM PENH: Cambodia exported US$4.59 billion worth of goods to the Regional Comprehensive Economic Partnership (RCEP) countries in the January-July period of this year, up 21 percent from the same period last year, according to the data from the Ministry of Commerce.
The figures were shared in a Book Launch on “Regional Comprehensive Economic Partnership Part 1 – Geo-Political, Geo-Economic, and Legal Analysis,” held at CamTech University in Phnom Penh on Aug. 19.
Speaking at the function, H.E. Pan Sorasak, Minister of Commerce, said that RCEP plays a key role in the integration of ASEAN into the world economy, promoting sustainable economic growth, environment, and resilience, and resisting the trend of anti-globalization and protectionism.
The RCEP free trade agreement entered into force on January 1, 2022. The regional trade pact comprises 15 Asia-Pacific countries including 10 member states of the Association of Southeast Asian Nations (ASEAN) — Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam — and their five trading partners, namely China, Japan, South Korea, Australia and New Zealand.
Cambodia’s exports and imports to RCEP countries have increased thanks to the trade preferences under this mega-regional trade pact, said H.E. Penn Sovicheat, Spokesperson at the Ministry of Commerce, yesterday.
“With almost zero trade tariffs, exporters have been able to take advantage of the trade deal, resulting in increased exports and imports from Cambodia,” he underlined.
Being the world’s largest trade bloc, the RCEP trade deal has a combined GDP of US$26.2 trillion, representing around 30 percent of the global GDP, 28 percent of global trade, and 32.5 percent of global investment.