PHNOM PENH: Cambodia’s trade with Regional Comprehensive Economic Partnership (RCEP) countries reached 19.87 billion U.S. dollars in the first seven months of 2024, up 16.8 percent over the same period last year, the Ministry of Commerce said in a report on Wednesday.
The country’s trade volume with fellow RCEP members accounted for 63 percent of its total trade volume during the January-July period this year, the report said.
The kingdom exported products worth 5.2 billion dollars to RCEP countries, up 13.2 percent, while it recorded the import of goods worth 14.67 billion dollars from RCEP countries, up 18 percent, the report added.
The Southeast Asian nation’s top five trading partners under the regional mega-trade pact are China, Vietnam, Thailand, Japan and Singapore, according to the report.
Entering into force in 2022, RCEP comprises 15 Asia-Pacific countries including 10 ASEAN member states — 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.
Cambodian Ministry of Commerce’s Secretary of State and spokesperson Penn Sovicheat said RCEP is a driving force for Cambodia’s trade growth and a magnet to attract more foreign direct investments to the kingdom.
“Despite rising protectionism and weakening global demand, RCEP has given a boost to regional trade cooperation, bringing great benefits to all member countries,” he told Xinhua.
“With preferential tariffs granted by the RCEP agreement, there’s no doubt that our export to RCEP countries will continue to rise throughout this year and beyond,” he said.
the RCEP free trade agreement came into effect in January 2022. It encompasses 15 Asia-Pacific nations, including the 10 ASEAN member states (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam) and five additional trading partners (China, Japan, South Korea, Australia, and New Zealand).
The agreement offers Cambodia preferential tariffs on various exports, including agricultural products, processed goods, and industrial items. Additionally, Cambodia benefits from knowledge and technology transfer, skill development, and foreign direct investment that creates new jobs. (Xinhua)