Cambodian officials and experts discussed the benefits of the Regional Comprehensive Economic Partnership (RCEP) during an online workshop held on Monday.
The Regional Comprehensive Economic Partnership, Consequences, Challenges and Future Economic Growth for East Asia and ASEAN Workshop aims to solve challenges, and promote mechanisms, commitments and other technical aspects with discussions by national experts and international researchers on the relationship between the agreement and the regional-global trade model, with the participation of officials from relevant ministries, embassies, national and international institutions and the private sector.
Signed on Nov. 15, 2020 and entered into force on Jan. 1, 2022, RCEP is a mega trade agreement between 10 ASEAN member states (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam) and their five major trade partners, namely China, Japan, South Korea, Australia and New Zealand.
The RCEP agreement will increase Cambodia’s export between 9.4 and 18 percent yearly, said H.E. Pan Sorasak, Minister of Commerce in the workshop.
“Under the RCEP agreement, Cambodia will see a yearly growth of export from 9.4 to 18 percent which will contribute to the national economic growth from 2 to 3.8 percent,” he said.
RCEP covers approximately 30 percent of the world’s population, accounts for about 30 percent of global gross domestic product, and represents some 28 percent of global trade.
After coming into effect, more than 90 percent of merchandise trade among members that have approved the accord will eventually be subject to zero tariffs.
Source: Agency Kampuchea Press