Cambodia will be one of the signatories to the global trade agreement by the end of this year

Ministers of the 10-member Association of Southeast Asian Nations (ASEAN), China, Japan, South Korea, Australia and New Zealand have reaffirmed their commitment to sign a comprehensive regional economic partnership agreement.  RCEP) later this year.  In a joint statement on the media on Tuesday.

 Media statement from the tenth Inter-Ministerial Meeting (RCEP) chaired by Vietnam's Ministry of Industry and Trade on Tuesday said the signing of the agreement would be a clear sign.  Of Member States' unwavering support for multilateral trading systems, regional integration, as well as economic development throughout the region.

 

 The Ministers agreed in a statement that the importance of RCEP continues to grow despite the spread of the COVID-19 pandemic, an unprecedented challenge for trade, investment and global supply chains that demand  There is a global response.

 The minister also agreed to increase cooperation and coordination to facilitate strong economic recovery and growth, as well as sustained, balanced and inclusive growth after the crisis.

 India was a key participant in the RCEP negotiations, noting that the ministers believed that India's participation in the RCEP would contribute to regional prosperity and prosperity, he said.  RCEP is still open for India.

 Initiated by ASEAN in 2012, RCEP is a proposed free trade agreement between the 10 ASEAN Member States and their six FTAs: China, Japan, South Korea, Australia, New Zealand and India.  Last November, the 15 countries involved in the agreement finalized text negotiations on key issues accessible to the market at the RCEP Summit in Bangkok, Thailand.

 Minister of Commerce Pan Soksak has previously stated that the RCEP market has far greater potential than the European and US markets as an alternative to Cambodian products as Cambodia is a member of the regional market.

 “Cambodia will receive considerable economic benefits and huge investment that will bring people jobs and higher labor costs,” he said.

 In addition, the free-trade agreement in the region is a major market choice for Cambodia to export, and this is a strategy to expand Cambodia's market.