Cambodia sees 14.4% growth in RCEP exports in 11m

Cambodia’s exports to the Regional Comprehensive Economic Partnership (RCEP) country members rose 14.4 per cent year-on-year to $8.25 billion in the first 11 months of 2024 from 2023’s $7.21 billion, according to a Ministry of Commerce report on Monday.

The RCEP is a free trade agreement among the 15 Asia-Pacific countries; Australia, Brunei, Cambodia, China, Indonesia, Japan, South Korea, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, Thailand, and Vietnam.

The RCEP market made up 33.9 per cent of Cambodia’s total exports worth $24.34 billion from January to November this year. The country’s main export destinations under the trade deal are Vietnam, China, Japan, Thailand, and Australia.

Cambodian Ministry of Commerce’s Secretary of State, Penn Sovicheat stated that the RCEP, effective in 2022, will boost long-term exports and attract more foreign direct investment to the country.

Attribution: Xinhua

Subediting: Y.Yasser