According to Prime Minister Hun Sen, the Regional Comprehensive Economic Partnership (RCEP), a free-trade agreement involving 15 countries in the Asia-Pacific, will boost economic recovery in the post-pandemic period.
The agreement would strengthen the supply chain in the region and around the world, the prime minister said in a video message to mark the Association of Southeast Asian Nations Day.
The comprehensive and efficient implementation of the RCEP agreement is a priority, according to Mr. Hun Sen.
The Prime Minister stated, “As the Chair of ASEAN 2022, Cambodia would work closely with RCEP nations to support the full and effective implementation of the RCEP Agreement in order to further strengthen the facilitation of cross-border trade movements.
He also made the point that ASEAN’s ability to sustainably promote regional economic recovery and growth will be a key factor in the region’s long-term progress and prosperity.
“We need to work harder to put a wide range of projects into action, from integrating global supply chains, digital economies, and e-commerce to industrial transformation, digitalization, and innovation. By pushing for greater protection for our migrant workers and increasing support for the UN SDGs and the green and inclusive development agenda, we must endeavor to create a more vibrant and harmonious ASEAN Community. We must facilitate the digital transformation of our women’s and young people’s entrepreneurship in the Fourth Industrial Revolution” he said.
Ten ASEAN member countries, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam—as well as their five trading partners—China, Japan, South Korea, Australia, and New Zealand—are included in the RCEP, which entered into force in January of this year.
Cambodia’s total export to other RCEP members increased by 10% year over year to $3.28 billion in the first half of 2022, proving the significance of the RCEP in strengthening the regional economy.
According to a report from the Ministry of Commerce published last month, the top three countries to which Cambodia exported products were Vietnam, China, and Japan.
Source: Khmer Times