Cambodia's exports to RCEP members up 14.4 pct in first 11 months of 2024

PHNOM PENH, Dec. 30 (Xinhua) -- Cambodia exported 8.25 billion U.S. dollars worth of products to the Regional Comprehensive Economic Partnership (RCEP) members in the first 11 months of 2024, up 14.4 percent from 7.21 billion dollars over the same period last year, said a Ministry of Commerce's report on Monday.

The RCEP market accounted for 33.9 percent of the kingdom's total export volume of 24.34 billion dollars during the January-November period this year, the report said.

Cambodia's top five export destinations under the regional mega-trade deal are Vietnam, China, Japan, Thailand, and Australia, the report said.

The RCEP comprises 15 Asia-Pacific countries including 10 ASEAN member states -- 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.

Cambodian Ministry of Commerce's Secretary of State and Spokesperson Penn Sovicheat said the RCEP, took effect in 2022, is a catalyst for long-term export growth and a magnet to attract more foreign direct investment to the kingdom.

"With preferential tariffs provided under the RCEP agreement, Cambodia's exports to other RCEP members will continue to rise in coming years, undoubtedly," he told Xinhua.

Sovicheat said the RCEP, together with other bilateral free trade agreements and the Belt and Road Initiative, helps Cambodia achieve its ambitious goals of becoming an upper middle-income country by 2030 and a high-income nation by 2050.