PHNOM PENH, Mar 1 (NNN-AKP) – Cambodia’s trade with the Regional Comprehensive Economic Partnership (RCEP) member countries, hit 2.74 billion U.S. dollars in Jan, an increase of 21.2 percent, year on year, said a Ministry of Commerce report, yesterday.
The report said, Cambodia’s total trade volume with other RCEP members accounted for 67.6 percent of the country’s total trade of 4.05 billion dollars in Jan this year.
Its top five trading partners under the regional mega-trade pact are China, Vietnam, Thailand, Japan, and Indonesia, the report added.
The Cambodian Ministry of Commerce’s Secretary of State and Spokesperson, Penn Sovicheat said, RCEP is a catalyst for the country’s trade growth and a magnet to attract more foreign direct investments to the kingdom.
He said, despite rising protectionism and weakening global demand, RCEP has boosted regional trade and investment cooperation, bringing tremendous benefits to all member countries.
“It has helped member countries to boost faster post-pandemic recovery and sustainable long-term trade growth, contributing to enhancing regional peace, stability, harmony, development, and prosperity,” he said.
Sovicheat said, the world’s largest free trade pact will help Cambodia to achieve its goals of becoming an upper-middle income country by 2030, and a high-income nation by 2050.
Entering into force on Jan 1, 2022, RCEP comprises 15 Asia-Pacific countries, including the 10 ASEAN member countries – 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.– NNN-AKP
