Cambodia and South Korea agree to leverage RCEP and other FTAs

Photo: Khmer Times

PHNOM PENH (Xinhua): Cambodia and South Korea has now agreed to leverage the Regional Comprehensive Economic Partnership (RCEP) agreement and other free trade agreements for the benefit of all, according to a joint statement.

The statement was released after a bilateral meeting between Cambodian Prime Minister Hun Manet and South Korean President Yoon Suk-yeol during Hun Manet's official visit to Seoul.

"Both sides agreed to leverage bilateral and multilateral economic cooperation mechanisms, including the Cambodia-Korea Free Trade Agreement (CKFTA), the ASEAN-Korea Free Trade Agreement (AKFTA), and the Regional Comprehensive Economic Partnership (RCEP)," the statement said.

"Both sides also agreed to enhance cooperation in digital trade and intellectual property for innovation-driven sustainable development," it added.

According to the statement, both sides agreed to elevate bilateral relations to a strategic partnership.

Entered into force in 2022, 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