Cambodia's export to RCEP nations hits $5.2 bn in Jan-Aug 2023

The country’s exports to RCEP nations reached $6.34 billion in 2022, a year on year increase of 7 per cent.

RCEP, which entered into force on January 1 last year, has boosted the country’s exports in a major way and attracted new investment, contributing to economic development, said Lim Heng, vice president of the Cambodia Chamber of Commerce at a recent lecture.

“The mega trade pact threw open a huge market for Cambodia’s products ensuring sustainable economic growth in the years to come. It is also attracting new investment to Cambodia,” said Sok Siphana, senior minister in charge of international and multilateral trade and economic relations.

The commerce ministry expects Cambodia to see an export growth between 9.4 per cent and 18 per cent, which will contribute to the national economic growth between 2 per cent and 3.8 per cent, a Cambodian news outlet reported.

The regional trade pact comprises 15 Asia-Pacific countries including 10-member states of the Association of Southeast Asian Nations (ASEAN)—Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam — and their five trading partners, namely China, Japan, South Korea, Australia and New Zealand.

ALCHEMPro News Desk (DS)