Cambodia's Trade with RCEP Surges to $2.74 Billion, Marking 21.2% Increase

Cambodia's trade with the Regional Comprehensive Economic Partnership (RCEP) member countries has experienced a significant surge, reach...

Cambodia's trade with the Regional Comprehensive Economic Partnership (RCEP) member countries has experienced a significant surge, reaching $2.74 billion in January. This marks an impressive increase of 21.2 percent compared to the previous year, according to a report released by the Ministry of Commerce on Thursday.

The report highlights that Cambodia's total trade volume with other RCEP members now constitutes 67.6 percent of the nation's total trade, which amounted to $4.05 billion in January. This underscores the growing importance of RCEP in facilitating trade within the Southeast Asian region.

Among the member countries of the regional mega-trade pact, Cambodia's top five trading partners include China, Vietnam, Thailand, Japan, and Indonesia. This diverse array of partners reflects the expansive reach and economic significance of RCEP in fostering international trade relations.

Penn Sovicheat, the Secretary of State and Spokesperson for the Cambodian Ministry of Commerce, emphasized RCEP's role as a catalyst for the country's trade growth. He described RCEP as a magnet for attracting foreign direct investments to Cambodia, driving economic development and prosperity.

Despite challenges such as rising protectionism and weakening global demand, RCEP has succeeded in enhancing regional trade and investment cooperation. Sovicheat emphasized that the pact has facilitated faster post-pandemic recovery and sustainable long-term trade growth among member countries.

Sovicheat expressed optimism regarding the future prospects of Cambodia's economy, noting that RCEP will play a crucial role in achieving the nation's ambitious goals. He highlighted the pact's potential to propel Cambodia towards becoming an upper-middle-income country by 2030 and a high-income nation by 2050.

RCEP, which came into force on Jan. 1, 2022, comprises 15 Asia-Pacific countries, including 10 ASEAN member states and their five trading partners. This landmark agreement is set to reshape the economic landscape of the region, fostering greater integration and cooperation among participating nations.

The implementation of RCEP has strengthened regional ties and promoted closer economic collaboration among member countries. By eliminating tariffs and reducing trade barriers, the pact has created a conducive environment for sustained economic growth and prosperity.

For Cambodia, RCEP represents a pathway toward economic development and prosperity. The influx of investments and the expansion of trade opportunities are expected to drive job creation, enhance living standards, and accelerate progress toward achieving national development objectives.

As Cambodia continues to harness the opportunities presented by RCEP, the nation stands poised to emerge as a key player in the global economy. With a commitment to fostering trade, investment, and cooperation, Cambodia looks towards a future of sustainable growth and prosperity within the framework of the Regional Comprehensive Economic Partnership.