Phnom Penh: The Ministry of Commerce released a report on Friday 1 March 2024 revealing a substantial 21.2 percent increase in Cambodia's trade with the Regional Comprehensive Economic Partnership (RCEP) countries in January, reaching US$2.74 billion.

This upswing in trade represents 67.6 percent of Cambodia's total international trade volume, which stood at US$4.05 billion for the month.

The RCEP, which came into effect at the beginning of 2022, includes a collective of 15 Asia-Pacific nations, encompassing the 10 ASEAN states—Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam—alongside their five free trade agreement partners: China, Japan, South Korea, Australia, and New Zealand.

According to Sok Siphana, Senior Minister in Charge of International and Multilateral Trade and Economic Relations, the RCEP has been a catalyst for Cambodian exports and a cornerstone for the country's economic progress, promising sustainable growth for the future. This expansive trade agreement is expected to eliminate up to 90 percent of tariffs on goods exchanged among the member countries over the next two decades.

Despite the recent uptick, trade between Cambodia and the RCEP nations saw a 5.07 percent decline in 2023, totaling US$29.45 billion.