Cambodia’s trade volume with Regional Comprehensive Economic Partnership (RCEP) countries soared to 22.92 billion U.S. dollars in the first eight months of 2024, marking a 17.2% increase compared to 19.55 billion dollars during the same period last year.
This was revealed in the General Department of Customs and Excise report on Saturday.
Trade with RCEP countries accounted for 62% of Cambodia’s total trade volume, reaching 36.94 billion dollars between January and August 2024. Of this, Cambodia exported products valued at 6.05 billion dollars to fellow RCEP members, a 15% rise from last year’s 5.26 billion dollars. Imports from RCEP countries totalled 16.87 billion dollars, up 18% from 14.29 billion dollars in the same period last year.
China, Vietnam, Thailand, Japan, and Singapore were identified as Cambodia’s top five trading partners within the RCEP framework.
RCEP, a landmark regional trade agreement that entered into force in 2022, unites 15 Asia-Pacific nations. It includes the 10 ASEAN member states—Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam—and their five key trading partners: China, Japan, South Korea, Australia, and New Zealand.
According to Penn Sovicheat, Secretary of State and spokesperson for the Ministry of Commerce, RCEP has been a major driver of Cambodia’s trade expansion. “RCEP is a catalyst for Cambodia’s trade growth and a magnet to attract more foreign direct investments to the country,” he said. Sovicheat emphasised that, despite challenges like rising protectionism and weakening global demand, RCEP has strengthened regional trade integration and cooperation, benefiting all member nations.
(Source: Khmertimeskh)