Draft Law on Approval of RCEP Agreement Approved by NA

Cambodian lawmakers yesterday approved the draft law on approval of Regional Comprehensive Economic Partnership (RCEP) Agreement.

Ninety-four (94) lawmakers present at the parliamentary session chaired by Samdech Akka Moha Ponhea Chakrei Heng Samrin, President of the National Assembly (NA), voted for the draft law.

The RCEP Agreement was signed on Nov. 15 via videoconference, following the 4th RCEP Summit.

H.E. Aun Pornmoniroth, Deputy Prime Minister and Minister of Economy and Finance on behalf of Samdech Akka Moha Sena Padei Techo Hun Sen, Prime Minister of the Kingdom of Cambodia, and other RCEP Leaders witnessed the signing ceremony.

The RCEP Agreement is the historic achievement of the region, which will contribute to the protection and the promotion of globalisation, and the support of rules-based multilateral trading system. It is an indispensable prerequisite for the principles of free and fair trade, and an important driving force for sustainable socio-economic development.

The RCEP Agreement will be also an important catalyst in contributing to economic growth, improving the livelihoods of people in the region, and helping to restore regional economic development after the Covid-19 Pandemic.

The Signing of this Agreement will form the world’s largest free trade agreement, covering (1) 2.2 billion people, or 30 percent of the world population, (2) with combined gross domestic product (GDP) of about US$26.2 trillion or about 30 percent of global GDP and (3) approximately 28 percent of the world trade (based on data in 2019).

Based on the result of the negotiations and the study by the Economic Research Institute for ASEAN and East Asia (ERIA), it is shown that after the conclusion of the RCEP Agreement, per annum, Cambodia is expected to increase 2 percent on top of the current GDP, 7.3 percent and 23.4 percent in exports and investment, respectively.

Source: Agency Kampuchea Press