The Kingdom exported $8,255 million worth of goods to the Regional Comprehensive Economic Partnership (RCEP) countries in the first 11 months of this year, up 14.35 percent from $7,219 million in the same period last year, said a report released by the Ministry of Commerce.
From January to November this year, the Kingdom imported $23,111 million worth of goods from RCEP, an increase of 19.43 percent from $19,352 million in the same period last year.
These figures made Cambodia’s trade with RCEP reaching $31,366 million, a year-on-year increase of 18 percent, accounting for 62 percent of the country’s total international trade of $50,457 million.
Under the mega-regional trade pact, with almost zero trade tariffs, exporters have been able to take advantage of the trade deal, resulting in increased exports and imports from Cambodia, said Penn Sovicheat, the ministry’s Secretary of State and spokesman.
“The RCEP has given a big market access to Cambodia’s products, playing an important role in boosting products to foreign markets within the mega regional trade agreement,” Sovicheat told Khmer Times.
The RCEP free trade agreement entered into force on January 1, 2022. The regional trade pact comprises 15 Asia-Pacific countries, including the ten Member States of the Association of Southeast Asian Nations (ASEAN) – 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.
The mega trade pact has given a major boost not only to Cambodia’s exports but also to investments in the country to generate more exports to the huge markets of RCEP, said Lim Heng, vice president of the Cambodia Chamber of Commerce.
“RCEP countries remain Cambodia’s potential market and will complement the markets of EU and America under the trade preferences – EBA and GSP,” Heng said.
Cambodia expects to see export growth between 9.4 percent and 18 percent, which will contribute to the national economic growth between 2 percent and 3.8 percent, stated the Ministry of Commerce.
The RCEP is a significant market for Cambodia, sharing more than half of the country’s total exports, Cham Nimul, Minister of Commerce said in an opening speech at Cambodia Trade Expo 2024 held in Phnom Penh on December 13.
She said Cambodia is a signatory to the ASEAN Free Trade Area, the ASEAN+1 Free Trade Agreements with dialogue partners, the RCEP, bilateral free trade agreements with China, South Korea and the United Arab Emirates.
