According to a latest report released by the Cambodian Ministry of Commerce, Cambodia's trade volume with Regional Comprehensive Economic Partnership (RCEP) countries reached 19.87 billion US dollars in the first seven months of 2024, a synchronous increase of 16.8%. During this period, Cambodia's bilateral trade volume with RCEP accounted for 62.9% of Cambodia's total trade volume.

Cambodia's trade volume with RCEP members reached nearly 20 billion US dollars in the first seven months

From January to July this year, Cambodia exported goods worth $5.19 billion to Regional Comprehensive Economic Partnership (RCEP) countries, a year-on-year increase of 13.28%, while imported goods worth $14.67 billion to RCEP countries, a year-on-year increase of 18%.

Penn Sovicheat, Secretary of State and spokesperson for the Cambodian Ministry of Commerce, stated that this figure indicates that RCEP countries have become important trading partners for Cambodia. The RCEP trade agreement has always been a driving force for Cambodia's economic growth, constantly creating new opportunities for Cambodia to attract foreign direct investment.

Penn Sovicheat stated in an interview that the increase in exports to the Regional Comprehensive Economic Partnership (RCEP) indicates an increased demand for Cambodian products in the market. We believe that the positive momentum of export trade will continue to contribute to Cambodia's economic development and prosperity. "

It is understood that the RCEP Free Trade Agreement consists of 15 Asia Pacific countries, including 10 ASEAN member countries - Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam, as well as 5 trading partner countries: China, Japan, South Korea, Australia, and New Zealand.

As the world's largest trading region, the RCEP region has a total GDP of $26.2 trillion, accounting for approximately 30% of global GDP, 28% of global trade, and 32.5% of global investment.

Cambodian Prime Minister Hun Ma Nai recently stated that Cambodia is also negotiating free trade agreements with several other countries, urging stakeholders and producers to maintain market stability by complying with standards. Cambodia plans to transform from a country that exports raw materials to a country that produces semi-finished and finished products, in order to supply domestic and international markets and increase national income.

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