"Despite rising protectionism and a global trade slowdown, the RCEP has promoted regional trade and investment cooperation, bringing enormous benefits to all member countries," said Cambodian Ministry of Commerce's Secretary of State and Spokesperson Penn Sovicheat.
PHNOM PENH, Jan. 5 (Xinhua) -- Two years on, the Regional Comprehensive Economic Partnership (RCEP) has played a crucial role in boosting regional free trade amid protectionism and a global trade downturn, a senior Cambodian official has said.
Entering into force on Jan. 1, 2022, the RCEP agreement comprises 15 Asia-Pacific countries including 10 ASEAN (Association of Southeast Asian Nations) member states, namely 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.
Over the past two years, the RCEP has generated tremendous opportunities for economic development in all countries involved, Cambodian Ministry of Commerce's Secretary of State and Spokesperson Penn Sovicheat told Xinhua. "Despite rising protectionism and a global trade slowdown, the RCEP has promoted regional trade and investment cooperation, bringing enormous benefits to all member countries."
He said the RCEP has helped stabilize the member countries' economies, particularly during the global economic slowdown.
"It has helped the member countries to boost faster post-pandemic recovery and sustainable long-term economic growth, contributing to enhancing regional peace, stability, harmony, development and prosperity," Sovicheat said.
The spokesperson said that through RCEP, China has been playing an important role in turning the Asian economy into a key economic powerhouse for the region and the world.
"I believe that this regional trade pact will help transform ASEAN into a new engine of growth for Asia," he said.
The agreement covers trade in goods, services, investment, economic and technical cooperation, dispute settlement, e-commerce, competition, and intellectual property, among others.
"RCEP has revitalized multilateralism and the free trade system against the backdrop of protectionism and unilateralism," Sovicheat said, adding that for Cambodia, RCEP has become a catalyst for long-term export growth and a magnet to attract more FDI inflows to the Southeast Asian country.
He said Cambodia's exports to the other 14 RCEP members hit 7.21 billion U.S. dollars in the first 11 months last year, an increase of 27 percent year-on-year.
"With preferential tariffs offered under the RCEP agreement, Cambodia's exports to the other RCEP members will continue to soar in coming years, undoubtedly," he said.
Sovicheat noted that RCEP, together with other bilateral free trade agreements, will help Cambodia graduate from its least-developed status by 2027 and become an upper-middle-income country by 2030 and a high-income nation by 2050.
Source: Xinhua
