PHNOM PENH: Total exports of Cambodia to the Regional Comprehensive Economic Partnership (RCEP) member countries saw a year-on-year increase by 14.4 percent to US$8.25 billion in the first eleven months of 2024, a report from the Ministry of Commerce pointed out.
The country’s RCEP exports accounted for 33.9 percent of the Kingdom’s total export volume of US$24.34 billion, the source added.
The RCEP free trade agreement entered into force on Jan. 1, 2022. The regional trade pact comprises 15 Asia-Pacific countries including the ten 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 enjoys preferential tariffs on many exports, such as agricultural, processed and industrial goods. The Kingdom also benefits from the agreement in terms of transfer of technology, knowledge, skills and new skills from foreign direct investment as well as job creation.
Cambodia’s top five trading partners under the regional mega trade pact are China, Vietnam, Thailand, Japan and Singapore.