Cambodia’s trade with RCEP countries amounts to $31.36 bln in 11 months
Cambodia’s trade with RCEP countries amounts to $31.36 bln in 11 months
Cambodian Minister of Commerce Cham Nimul said on Friday that the country’s trade with Regional Comprehensive Economic Partnership (RCEP) countries hit $31.36 billion during the January-November period of 2024.
She said in an opening speech at Cambodia Trade Expo 2024 that the RCEP market is a significant market for Cambodia, accounting for approximately 62.1 per cent of the country’s total trade volume.
Nimul said Cambodia, as a member state of the Association of Southeast Asian Nations (ASEAN), is a signatory to the ASEAN Free Trade Area, the ASEAN+1 Free Trade Agreements with dialogue partners, the RCEP, bilateral free trade agreements with China, South Korea and the United Arab Emirates.
She said the kingdom will soon launch a portal, allowing exporters, producers, and traders to search for and select the most suitable preferential trade system or free trade agreement for their businesses.
The minister added that the portal will also provide key information on the free trade agreements, including tariff schedules and rules of origin.
The RCEP comprises 15 Asia-Pacific countries, including 10 ASEAN member states and their five trading partners: China, Japan, South Korea, Australia and New Zealand.
Cambodian Ministry of Commerce Secretary of State and spokesperson Penn Sovicheat said the RCEP is a catalyst for Cambodia’s trade growth and a magnet for foreign direct investments.
“Despite rising protectionism and weakening global demand, the RCEP has given a boost to regional trade cooperation, bringing great benefits to all member countries,” he told Xinhua.
