Cambodian political, business, and academic figures: RCEP provides enormous opportunities for Cambodia's development | Cambodia | People
Phnom Penh, June 7th (Xinhua) - Some Cambodian officials, business people, and scholars recently stated in an interview with Xinhua that RCEP provides enormous opportunities for Cambodia's development and helps promote sustainable economic growth.
The Regional Comprehensive Economic Partnership (RCEP) has recently officially entered into force for the Philippines, marking the full entry into force of RCEP for 10 ASEAN countries and 15 signatory countries including Australia, China, Japan, South Korea, and New Zealand.
The Deputy State Secretary and Spokesperson of the Ministry of Commerce of Cambodia, Binsoviji, stated that RCEP not only promotes sustainable trade growth in Cambodia, but also serves as a magnet for the country to attract more foreign direct investment. He believes that participating in the agreement will help Cambodia break free from its status as a least developed country and achieve its development goals of becoming a middle-income country by 2030 and a high-income country by 2050.
The International Monetary Fund stated in its World Economic Outlook report released in April that Cambodia is one of the three strongest growing economies among RCEP member countries in 2023, with an expected economic growth rate of 5.8%.
Lin Heng, Vice President of the Cambodian Chamber of Commerce, said that RCEP, together with the Cambodia China Free Trade Agreement, the "the Belt and Road" initiative and Lancang Mekong River cooperation, has provided great opportunities for the economic and social development of Cambodia and other participating countries. Enterprises from Cambodia and China should seize opportunities and benefit from these cooperation frameworks.
Joseph Matthews, a senior professor at the International University of Beltai in Cambodia, stated that as the world's largest free trade area, RCEP has reduced trade barriers, improved market access, simplified customs procedures, and provided tariff preferences to trading partners. RCEP supports an open, free, fair, inclusive, and rule-based multilateral trading system, which helps to strengthen regional supply chains and promote the participation of small and medium-sized enterprises in regional value chains and production centers.
Matthews said that RCEP provides valuable opportunities for further deepening regional economic integration, promoting trade and investment in a mutually beneficial manner, and is a catalyst for regional and global economic recovery in the post pandemic era.