Cambodia’s trade with fellow RCEP members up 14.2 pct in first 5 months

Cambodia’s trade with fellow RCEP members up 14.2 pct in first 5 months

A Ministry of Commerce report released on Wednesday said Cambodia’s trade with the Regional Comprehensive Economic Partnership (RCEP) countries rose to $14.17 billion in the first five months of 2024, up 14.2 percent from $12.4 billion over the same period last year.

The report said the country’s trade with fellow RCEP members accounted for 65.6 percent of its $21.6-billion total trade volume during the January-May period this year.

The Southeast Asian nation exported products worth $3.97 billion to the RCEP countries during the first five months of this year, up 12.4 percent from $3.53 billion over the same period last year, it said.

Meanwhile, it added that the country reported the import of goods worth $10.2 billion from the RCEP countries, up 14.9 percent from $8.87 billion.

The report added that China, Vietnam, Thailand, Japan, and Singapore are Cambodia’s top five trading partners under the regional mega-trade pact.

Ministry of Commerce Secretary of State and Spokesperson Penn Sovicheat said the RCEP is a catalyst for Cambodia’s trade growth and a magnet for more foreign direct investments in the kingdom.

“Despite rising protectionism and weakening global demand, the RCEP has given a boost to regional trade cooperation, bringing tremendous benefits to all member countries,” he told Xinhua.

Thong Mengdavid, a lecturer at the Institute for International Studies and Public Policy, a school of Royal University of Phnom Penh, said the RCEP has been giving a big boost to Cambodia’s trade and economic growth.

“The RCEP has played a significant role in integrating regional economy and supporting multilateralism mechanisms that enhance regional trade capacity and foster mutual economic growth,” he told Xinhua.

Entered into force in 2022, the RCEP comprises 15 Asia-Pacific countries, including 10 ASEAN member states and their five trading partners: China, Japan, South Korea, Australia and New Zealand.Xinhua

Leave a Reply

Your email address will not be published. Required fields are marked *