Cambodia and Japan yesterday agreed to ensure the full implementation of the Regional Comprehensive Economic Partnership (RCEP) free trade agreement, for the benefit of all, according to a Cambodia-Japan joint statement.
The statement was released after a meeting between Cambodian Prime Minister, Samdech Techo Hun Sen and visiting Japanese Prime Minister, Fumio Kishida at the Peace Palace in the capital, Phnom Penh.
“The two prime ministers consented to strengthen cooperation, to ensure the full implementation of the ASEAN-led Regional Comprehensive Economic Partnership Agreement,” the statement said.
Signed on Nov 15, 2020, and entered in force on Jan 1, 2022, RCEP is a mega trade deal between 10 member states of the Association of Southeast Asian Nations (ASEAN) and its five free trade agreement partners, namely China, Japan, South Korea, Australia and New Zealand.
RCEP, which groups the 10 ASEAN members – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam – and its key trade partners, covers roughly 30 percent of the world’s gross domestic product and population.
As the world’s largest trading bloc, it will eliminate 90 percent of the tariffs on goods traded among its signatories over the next 20 years.
Source: NAM News Network