Minister of Commerce Pan Sorasak made the remarks in a workshop on Comprehensive Economic Partnerships, Regional Consequences, Challenges and Future Economic Growth for East Asia and ASEAN on Monday.
The latest study by the Economic Research Institute for ASEAN and East Asia (ERIA) shows that the Kingdom’s export is expected an increase by at least 9.4 percent yearly under the RCEP agreement, he said.
The figure was adjusted to the figures of 7.2 made in 2014 by the ERIA, he said.
“Under the RCEP agreement, Cambodia will see a year’s export growth at 9.4 percent to 18 percent, which will contribute to the national economic growth from 2 percent to 3.8 percent,” Sorasak said.
Signed on November 15, 2020, and entered into force on January 1, 2022, RCEP is a mega trade agreement between 10 ASEAN member states (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam) and its five major trade partners such as China, Japan, South Korea, Australia and New Zealand.
RCEP covers approximately 30 percent of the world’s population, accounts for about 30 percent of global gross domestic product, and represents some 28 percent of global trade.
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Author: Chea Vanyuth
Source: Khmer Times
March 17, 2022
