PHNOM PENH, Feb. 24 (Xinhua) -- The Regional Comprehensive Economic Partnership (RCEP) trade deal and the Cambodia-China Free Trade Agreement (CCFTA) have provided a lot of benefits to both business people and consumers, business people in Cambodia have said.
Both the RCEP and the CCFTA entered into force on Jan. 1, 2022.
The RCEP comprises 15 Asia-Pacific countries including 10 ASEAN (Association of Southeast Asian Nations) member countries -- 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.
Yiv Phanna, chief executive officer of Yadea Cambodia, said the two FTAs have allowed his company to import electric two-wheeled vehicles from China into Cambodia with preferential tariffs.
"The RCEP and the CCFTA have provided a lot of benefits to both merchants and users in Cambodia," he told Xinhua. "Under these free trade agreements, we have imported Yadea electric bikes from China to sell in Cambodia at a competitive price."
Phanna said he believes the two FTAs are catalysts for long-term trade and investment growth between Cambodia and China.
Jack Lee, chief executive officer of the online market Smile Shop in Cambodia, said that under the two trade pacts, Cambodia and China could sell products at a much cheaper price to each other.
"A lot of products Cambodia can export to China with free tax and a lot of good products made in China can be exported to Cambodia with low customs tariff," he told Xinhua. "The RCEP and the CCFTA have brought more and more benefits to both countries."
Produced by Xinhua Global Service
