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Cambodia Committed to Working with Relevant Countries to Promote RCEP Agreement
PHNOM PENH: The Chair of ASEAN in 2022, Prime Minister Hun Sen, has said that he will work with member countries of the Regional Comprehensive Economic Partnership (RCEP) Agreement to facilitate cross-border trade and build an ASEAN community to achieve its goals under the detailed plan towards ASEAN 2025.

Addressing the 55th ASEAN Day on Monday, 8 August, Prime Minister Hun Sen recalled how the Association of Southeast Asian Nations (ASEAN) has become a structured and influential association in the world due to ASEAN being a smart family with one of its key points focused on "dialogue,” leading to the association remaining united and able to solve problems together.

He also reminded of Cambodia’s position in ASEAN, with the country having been a part of the association since 1999, joining in on ASEAN’s work toward making a world that is safe and stable, without forgetting about strengthening the economy.

He said, “As the Chair of ASEAN in 2022, Cambodia will work closely with RCEP member countries to fully and effectively promote the RCEP agreement to further facilitate cross-border trade flows.”

The RCEP Agreement is the first agreement that came into force when Cambodia became the rotating chair of ASEAN in 2022. Cambodia has always taken this agreement very seriously.

Speaking at the Opening Ceremony of the 55th ASEAN Foreign Ministers' Meeting (55th AMM) and Related Meetings on 3 August at the Sokha Hotel in Phnom Penh, Prime Minister Hun Sen called on the Foreign Ministers to discuss initiatives related to rehabilitation from Covid-19, with ASEAN having agreed to develop four strategies, one of which is to "enhance the potential of ASEAN international markets and broader economic integration." He also expressed the desire to establish the RCEP Secretariat to facilitate the effective implementation of the ASEAN Agreement, with Phnom Penh as the proposed location for the head office.

"Cambodia is ready for the RCEP Secretariat in Phnom Penh and has prepared a detailed proposal, I hope that Cambodia can get the support of ASEAN member countries as well as other members of the ASEAN Agreement when Cambodia makes a formal proposal," he added.

The RCEP Agreement entered into force on 1 January 2022. Through this agreement, Cambodia will be able to export goods to 15 countries, including the 10 ASEAN member states and ASEAN partners, including China, Japan, Korea, Australia and New Zealand, which accounts for 28% of the world’s total trade volume.

Many major commodities in agriculture, as well as processed and industrial goods, will be allowed to be imported to these countries, with an average duty exemption of more than 90% for Cambodia.

In addition to the benefits of export, under this agreement Cambodia will also benefit from the transfer of technology, knowledge, skills and new skills from foreign direct investment, as well as the creation of new jobs for Cambodians.

According to a study by the Economic Research Institute for ASEAN and East Asia (ERIA), through this free trade agreement, Cambodia is expected to see a 7.3% year-on-year growth in exports, 23.4% growth in investment and about a 2% growth in current GDP.
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