FILE PHOTO: Containers at the Phnom Penh Autonomous Port New Container Terminal in Kandal province, Cambodia. Cambodia's trade volume with the RCEP member countries amounted to US$40.24 billion in 2025, a year-on-year increase of 16.2 per cent. - AFP
PHNOM PENH: Four years on, the Regional Comprehensive Economic Partnership (RCEP) agreement has continued to be a driving force for Cambodia's trade growth, a Cambodian official and experts said on Friday (Jan 9).
Cambodia's trade volume with the RCEP member countries amounted to US$40.24 billion in 2025, a year-on-year increase of 16.2 per cent, said an official report from the Ministry of Commerce.
The South-East Asian country's export to the fellow RCEP member countries reached US$9.8 billion last year, a year-on-year rise of seven per cent, as its import from the RCEP member countries was valued at US$30.44 billion, up 19.5 per cent, the report said.
The report added that the RCEP remained the major market for Cambodia, accounting for 61.6 percent of the kingdom's total trade volume of 65.24 billion dollars in 2025.
Cambodia's top five trading partners under the RCEP are China, Vietnam, Thailand, Japan and Singapore, the report said.
Entered into force on Jan 1, 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.
Cambodian Ministry of Commerce's Secretary of State and Spokesperson Penn Sovicheat said the world's largest free trade deal has played a crucial role in boosting trade growth for Cambodia, the region and the world.
"The RCEP is a driving force for our long-term trade growth and a magnet to attract more foreign direct investment to Cambodia," he told Xinhua.
"In the RCEP, China is a huge market for Made-in-Cambodia products, and under this trade pact, our trade volume with China and other RCEP member countries will definitely continue to rise this year and beyond," he added.
Thong Mengdavid, deputy director of the China-Asean Studies Center of the Cambodia University of Technology and Science, said the RCEP has unleashed its transformative potential in spurring Cambodian and regional economic growth, enhancing trade liberalisation, and fostering deeper integration among its members.
"Over the past four years, tariffs on over 90 per cent of goods traded among member countries have been gradually eliminated or significantly reduced, facilitating cost savings for businesses and consumers alike," he told Xinhua.
"Intra-regional trade has surged as businesses take advantage of streamlined customs procedures, simplified rules of origin and improved supply chain connectivity," he added.
Mengdavid said China's unwavering commitment to trade liberalisation and open markets has set a solid foundation for the RCEP agreement.
"China has not only adhered to its commitment under the RCEP, but also actively advanced regional cooperation through investments in infrastructure and digital trade," he said.
Kin Phea, director general of the International Relations Institute of Cambodia, a think tank under the Royal Academy of Cambodia, said RCEP has served as a stabilising force, fostering economic integration across the Asia-Pacific region amidst the US tariff hikes.
"In a world grappling with protectionism and geopolitical rivalries, RCEP stands as a testament to the enduring value of cooperation," he told Xinhua.
"As global trade faces headwinds, RCEP's inclusive framework provides a blueprint for stability, signaling that multilateralism, not fragmentation, remains a crucial path to common development and shared prosperity," Phea added. - Xinhua
