RCEP to Boost Cambodia’s Rapid Economic Growth

RCEP to Boost Cambodia’s Rapid Economic Growth

Cambodia anticipates rapid economic growth from the Regional Comprehensive Economic Partnership (RCEP) put into force on Jan. 1, 2022.

Through the Economic Research Institute for ASEAN and East Asia (ERIA), Cambodia expects annual growth of 7.3 percent for export, 23.4 percent for investment, and 2 percent for the Gross Domestic Product (GDP).

The RCEP initiated by ASEAN and began the negotiation in 2012 will also allow Cambodia to benefit from tax preference on imported goods, especially the agricultural, processing agricultural and industrial products.

RCEP is the biggest free-trade agreement in the world, consisting of 15 member countries including 10 from the ASEAN countries and 5 from the ASEAN free-trade partnership countries – Australia, China, Japan, South Korea and New Zealand.

RCEP intends to ease an open trade and investment environment in the region, contributing vitally to global economic growth and development.

It will be a core framework for trade and investment to further expand the regional value chains generating market and job opportunities for the people. AKP