RCEP, CCFTA inject new impetus into bilateral trade

The Regional Comprehensive Economic Partnership (RCEP) free trade pact and the Cambodia-China Free Trade Agreement (CCFTA) have injected a new impetus into the Cambodia-China trade, a Cambodian official said.

China is currently the largest trading partner of Cambodia.

Cambodian Ministry of Commerce’s undersecretary of state and spokesman Penn Sovicheat attributed the significant growth in the bilateral trade to the RCEP and the CCFTA, which both took effect on Jan 1, 2022.

“Both trade pacts have given a big boost to the trade growth between our two countries, and we foresee that the growth will be higher in coming months and years,” he said.

“China is a huge market for Cambodia, particularly for our potential agricultural produce such as rice, bananas, mangoes and cassava as well as industrial products, and processing goods,” he added.

Sovicheat said the two pacts have also helped Cambodia to diversify its exports and to further integrate into the regional and global economy.

“The two agreements are also a well-timed intervention in Cambodia’s quest for a Least Developed Country (LDC) graduation, likely by 2028 and the country’s planned endeavour to achieve the upper-middle income and high-income statuses by 2030 and 2050, respectively,” he said.

The RCEP comprises 15 Asia-Pacific countries including 10 Asean member states – 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. — Xinhua

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