Cambodia’s Trade with RCEP Countries Up Seven Percent in First 11 Months Last Year
Cambodia’s trade with the Regional Comprehensive Economic Partnership (RCEP) member countries, reached 28.4 billion U.S. dollars in the first 11 months of 2022, a year-on-year increase of seven percent, the Ministry of Commerce’s latest report showed today.
The report said, the kingdom’s export to the RCEP member countries was valued at 5.67 billion U.S. dollars, during the Jan-Nov period last year, up five percent, while its import from the RCEP member countries totaled 22.73 billion dollars, up seven percent.
The kingdom’s top five trading partners under the RCEP are China, Vietnam, Thailand, Singapore and Japan, the report added.
Entered into force on Jan 1, 2022, the RCEP free trade agreement comprises 15 Asia-Pacific countries, including 10 ASEAN member states – and their five trading partners of China, Japan, South Korea, Australia and New Zealand.
“The RCEP is a catalyst for our long-term and sustainable trade growth, and it is a magnet to attract more foreign direct investments to our country,” said Cambodian Ministry of Commerce’s Undersecretary of State and Spokesman, Penn Sovicheat.
The official said, the world’s largest free trade pact would help Cambodia to graduate from its least developed country (LDC) status, likely by 2028, and to achieve its goals of becoming an upper-middle income country in 2030.
Source: NAM News Network