SIEM REAP: Prime Minister Hun Sen, as the Chairman of ASEAN in 2022, has urged all ASEAN member states to strive to implement what had been mutually agreed upon, and continue to negotiate market access to attract the participation of major economies, under the Regional Comprehensive Economic Partnership (RCEP) agreement.

At the Opening of the 54th ASEAN Economic Ministers' Meeting (54th AEM) and Related Meetings held in Siem Reap on Wednesday morning, 14 September, Prime Minister Hun Sen said that at a time when the world is facing many conflicts for development, ASEAN must give greater importance to maintaining trade systems based on the rule of law, the principles of globalization, the mechanisms of multilateralism and regional liberalization of trade and investment against protectionism, enhancing regional and global supply chain resilience, along with connectivity and logistics, building a digital economy, protecting the environment, using clean energy and striving for sustainable development, maintaining food security, and the fight against Covid-19 and greater recovery efforts to form a resilient and sustainable regional and global economy.

At the same time, ASEAN should continue to enhance ties with external partners based on the principles of equality and mutual benefit through maximizing the benefits of established agreements, especially the full and effective implementation of the ASEAN RCEP agreement, which entered into force on 1 January 2022.

The Prime Minister said that member countries should strive to implement their commitments and continue to negotiate market access to attract the participation of other major economies under this agreement.

In connection with the RCEP Agreement, Cambodia is still interested in establishing the RCEP ASEAN Secretariat in its territory.

The RCEP agreement, which researchers have evaluated as beneficial to Cambodian and regional trade, entered into force on 1 January 2022. Through this agreement, Cambodia will be able to export goods to 15 countries, including the 10 ASEAN member states and additional ASEAN partners, including China, Japan, Korea, Australia, and New Zealand, accounting for 28% of the total world trade volume. Many major commodities of agricultural, processed, and industrial goods will be allowed to be imported to these countries with an average duty exemption of more than 90% for Cambodia.

In addition to benefits from exporting, under this agreement, Cambodia will also benefit from the transfer of technology, knowledge, and new skills from foreign direct investment, as well as the creation of new jobs for Cambodians.

According to a study by the Economic Research Institute for ASEAN and East Asia (ERIA), through this free trade agreement, Cambodia is expected to see an annual 7.3% growth in exports, 23.4% in investment, and a 2% increase in the GDP.

^{PHOTO: EAC NEWS}