Cambodia’s Exports to RCEP Countries Up 12 Percent in First Five Months

Cambodia exported US$3.97 billion worth of goods to RCEP countries in the first five months of 2024, an increase of 12 percent from US$3.57 billion in the same period in 2023, a report from the Ministry of Commerce showed. The country's RCEP exports accounted for 39 percent of the Kingdom's total trade of US$10.18 billion, it said. The two-way trade between Cambodia and RCEP countries rose by 14.20 percent to US$14.17 billion, the source pointed out. The Kingdom's RCEP trade represented 65.57 percent of the country's international trade of US$21.61 billion, read the report. The RCEP free trade agreement entered into force on Jan. 1, 2022. The regional trade pact comprises 15 Asia-Pacific countries including the 10-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. Cambodia enjoys preferent ial tariffs on many exports, such as agricultural, processed and industrial goods. The Kingdom also benefits from the agreement, including the transfer of technology, knowledge, skills and new skills from foreign direct investment and creating new jobs as well. RCEP has given a big impetus to Cambodia's exports, contributing to the economic development of the country, H.E. Sok Siphana, Senior Minister in Charge of International and Multilateral Trade and Economic Relations, said previously. 'RCEP has given a big market access to Cambodia's products and is the source of the country's sustainable economic development in years to come,' he said. Source: Agence Kampuchea Presse