Cambodia's trade with fellow RCEP members up 14.2 pct in first 5 months-Xinhua

Cambodia's trade with fellow RCEP members up 14.2 pct in first 5 months

Source: Xinhua| 2024-06-05 17:45:15|Editor: huaxia

PHNOM PENH, June 5 (Xinhua) -- Cambodia's trade with the Regional Comprehensive Economic Partnership (RCEP) countries rose to 14.17 billion U.S. dollars in the first five months of 2024, up 14.2 percent from 12.4 billion dollars over the same period last year, said a Ministry of Commerce's report released on Wednesday.

The country's trade volume with the fellow RCEP members accounted for 65.6 percent of its 21.6-billion-dollar-total trade volume during the January-May period this year, the report said.

The Southeast Asian nation exported products worth 3.97 billion dollars to the RCEP countries during the first five months of this year, up 12.4 percent from 3.53 billion dollars over the same period last year, it said.

Meanwhile, the country reported the import of goods worth 10.2 billion dollars from the RCEP countries, up 14.9 percent from 8.87 billion dollars, it added.

Cambodia's top five trading partners under the regional mega-trade pact are China, Vietnam, Thailand, Japan, and Singapore, the report added.

Ministry of Commerce's Secretary of State and Spokesperson Penn Sovicheat said the RCEP is a catalyst for Cambodia's trade growth and a magnet to attract more foreign direct investments to the kingdom.

"Despite rising protectionism and weakening global demand, the RCEP has given a boost to regional trade cooperation, bringing tremendous benefits to all member countries," he told Xinhua.

Thong Mengdavid, a lecturer at the Institute for International Studies and Public Policy, a school of Royal University of Phnom Penh, said the RCEP has been giving a big boost to Cambodia's trade and economic growth.

"The RCEP has played a significant role in integrating regional economy and supporting multilateralism mechanisms that enhance regional trade capacity and foster mutual economic growth," he told Xinhua.

Entered into force in 2022, the RCEP comprises 15 Asia-Pacific countries, including 10 ASEAN member states and their five trading partners, namely China, Japan, South Korea, Australia and New Zealand.