Phnom Penh, Aug 8 : Cambodian Prime Minister Hun Sen announced on Monday that the Regional Comprehensive Economic Partnership (RCEP) free trade agreement, which went into force earlier in the year and is expected to be a catalyst for global and regional economic development in the post-Covid period.In a video message to commemorate the Association of Southeast Asian Nations (ASEAN) Day, which was broadcast on the state-owned National Television of Cambodia (TVK), Hun Sen said the full and efficient application of the RCEP agreement is a top priority as reported by Xinhua news agency.
RCEP will spur economic recovery in the post-pandemic time frame it will create jobs and enhance the supply chain in the region as well as the world in general, he said.
“As the ASEAN 2022 chair of ASEAN 2022, Cambodia will cooperate closely with RCEP countries to encourage the effective and complete application of the RCEP agreement to further enhance the facilitation of trade across borders,” he added.
The RCEP includes 15 countries in the Asia-Pacific region, comprising 10 ASEAN member states — Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam — and five trading partners, including China, Japan, South Korea, Australia and New Zealand.
Being the world’s largest trading bloc, RCEP established a market of 2.2 billion people, or 30 percent of the world’s population with an aggregate Gross Domestic Product (GDP) of $26.2 trillion that is approximately 30 percent of the world’s GDP and 28 percent of world trade.
In accordance with an Asian Development Bank research that the RCEP will increase economies of its members by 0.6 percent by 2030 and add $245 billion to regional income , and 2.8 million new jobs for regional employment.
