Cambodian PM calls for fully tapping advantages of RCEP

PHNOM PENH, Sept. 10 (Xinhua) — Cambodian Prime Minister Hun Manet on Tuesday called on exporters of agricultural products to target countries that have free trade agreements with the kingdom so as to reap maximum benefits from these trade pacts.
Cambodia is a member of the Regional Comprehensive Economic Partnership (RCEP) agreement, and the Southeast Asian country also has bilateral free trade agreements with China, South Korea and the United Arab Emirates.
These trade deals have allowed Cambodia to export its products to those countries with preferential tariffs.
In a speech during the closing ceremony of an annual rice forum in Phnom Penh, Hun Manet said that RCEP and these bilateral free trade agreements should be fully used.
He also urged producers and exporters to prioritize quality, standards and supply chain stability in order to ensure long-term competition and to build a strong reputation for Cambodian products.
RCEP comprises 15 Asia-Pacific countries including 10 ASEAN (the Association of Southeast Asian Nations) member states and their five trading partners, namely China, Japan, South Korea, Australia and New Zealand.
Kin Phea, director general of the International Relations Institute of Cambodia, a think tank under the Royal Academy of Cambodia, told Xinhua that RCEP and these bilateral free trade agreements have opened up a large market for Cambodian agricultural products with tariff concessions.
“RCEP and the bilateral free trade agreements, together with the Belt and Road Initiative (BRI), will help Cambodia achieve its ambitious goals of becoming an upper middle-income country by 2030 and a high-income country by 2050,” he said. ■