Cambodia's export to RCEP members sharply up in 10 months


PHNOM PENH: Cambodia exported US$6.45 billion worth of products to the Regional Comprehensive Economic Partnership (RCEP) member countries in the first 10 months of 2023, up 26.5 per cent from the same period last year, said a Ministry of Commerce's report on Tuesday (Dec 5).

During the January-October period this year, the South-East Asian kingdom's top five export destinations under the regional mega-trade pact are Vietnam, China, Japan, Thailand and Singapore, the report said.

The RCEP agreement 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.

Cambodian Ministry of Commerce's Secretary of State and Spokesperson Penn Sovicheat said RCEP, which took effect in 2022, is a catalyst for the country's long-term export growth.

"With tariff concessions provided under the RCEP agreement, Cambodia's exports to other RCEP members will continue to soar throughout this year and next years, undoubtedly," he told Xinhua.

The official said RCEP, along with other bilateral free trade agreements and China's Belt and Road Initiative, will help Cambodia achieve its ambitious goals of becoming an upper-middle income country by 2030 and a high-income nation by 2050. - Xinhua

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Cambodia , RCEP , exports

   

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