Chea Munyrith: RCEP drives Cambodian economy

Since the Regional Comprehensive Economic Partnership (RCEP) came into effect one year ago, the overall regional tariff has gradually decreased, and the level of trade and investment facilitation has been uplifted through unified tariffs and rules of origin, said Chea Munyrith, president of the Cambodian Chinese Evolution Researcher Association.

 

Chea Munyrith, president of the Cambodian Chinese Evolution Researcher Association. Photo/Yunnan Daily

Noting the improved business environment in the region during a recent interview with Yunnan Daily, Munyrith added the RCEP boosted regional trade and the international supply chain, while promoting regional economic and trade cooperation via trade-facilitation rules and others.

"As a member country, Cambodia also benefits from the RCEP trading mechanism," said Munyrith, noting the RCEP and the Cambodia-China Free Trade Agreement will make Cambodian market more open, and Cambodia will sign more bilateral trade agreements with other RCEP member countries.

According to the Cambodian Ministry of Commerce, the trade volume between Cambodia and other 14 RCEP member countries reached US$ 31 billion in 2022, up by 4% year on year. China, Viet Nam, Thailand, Singapore and Japan were the largest RCEP trading partners of Cambodia.

 

Chinese agronomists visit a Cambodian farm. Photo/Yunnan Daily  

Globally, China is also Cambodia's largest trading partner and investment source, and Munyrith believed that under the RCEP framework, Cambodia and China will increase bilateral cooperation in economy, trade, infrastructure, talents, medicine and others, jointly forging a Cambodia-China community of shared future.

In 2022, the Cambodian roads, hospitals, water projects and expressways built up by Chinese constructors were put into operation, bringing tangible benefits to Cambodians. Meanwhile, the Cambodian produces of longan, corn and basa fish will soon enter the Chinese market and grace the Chinese dinner tables.

"In the new year, the 1,761-meter bridge across the Mekong River linking Kratie and Kampong Thom provinces and the 31.69-kilometer highway, both undertaken by Chinese constructors in Cambodia, will make new progress," said Munyrith, adding the promising bilateral trade also contributed a lot to Cambodian e-commerce and infrastructure.

Reporting by Shen Yan (Yunnan Daily); Trans-editing by Wang Shixue