Regional, bilateral FTAs crucial to boosting Cambodia’s exports
Regional, bilateral FTAs crucial to boosting Cambodia’s exports
Cambodian Minister of Commerce Cham Nimul said here on Monday that regional and bilateral free trade agreements (FTAs) have played a crucial role in promoting market diversification and boosting the kingdom’s exports.
Speaking at the opening ceremony of the Cambodia International Trade Expo in Phnom Penh, Nimul said Cambodia is a signatory to the ASEAN (the Association of Southeast Asian Nations) FTA, the ASEAN-plus-one FTA with its dialogue partners, and the Regional Comprehensive Economic Partnership agreement (RCEP).
She added that the Southeast Asian country also has bilateral FTAs with China, South Korea, and the United Arab Emirates.
“Our international trade ambition does not stop there, (and) we are trying to find new markets for our products through more bilateral and regional FTAs,” she said.
According to the latest official report, Cambodia exported products worth $21.5 billion from January to October 2024, up 16 percent from $18.5 billion during the same period last year.
Eng Lykoung, president of the Cambodian Women Entrepreneurs Association, said Cambodia’s participation in key FTAs, such as RCEP, has further strengthened its position as a regional trade hub.
“These agreements provide preferential access to a vast market, opening doors for Cambodian businesses to expand their global footprint,” she said at the event.
She said that the future of Cambodia’s international trade is bright.
“The ongoing development of infrastructure, the rise of e-commerce, and the growing demand for sustainable and ethically sourced products present exciting opportunities for Cambodian businesses to thrive in the global marketplace,”Lykoung said.
Entering into force in 2022, 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.
