Phnom Penh: Cambodia exported US$9,060 million worth of products to the Regional Comprehensive Economic Partnership (RCEP) countries in 2024, up 12.7 percent from US$8,038 million in 2023, a report from the Ministry of Commerce shows on Jan. 21. At the same time, the Kingdom imported US$25,461 million worth of goods from RCEP, up 19.62 percent from US$21,285 million in 2023.

According to Agence Kampuchea Presse, Cambodia’s total trade with RCEP reached US$34,522 million, a year-on-year increase of 17.73 percent, accounting for 62.34 percent of the country’s total international trade of US$55,375 million. Cambodia’s top five export destinations under the regional mega-trade agreement are Vietnam, China, Japan, Thailand, and Australia, the report said.

H.E. Penn Sovicheat, Secretary of State and Spokesperson at the Ministry of Commerce, emphasised that the RCEP agreement has been instrumental in facilitating the entry of Cambodian goods into foreign markets with the agreement’s frameworks. ‘Cambodia has significantly benefited from the RCEP agreement. With nearly all tariffs eliminated, Cambodia exporters have easier access to a vast market, leading to a substantial increase in both export and import,’ he said.

The RCEP free trade agreement entered into force on Jan. 1, 2022. The regional trade pact comprises 15 Asia-Pacific countries, including the ten Member States of the Association of Southeast Asian Nations (ASEAN) – 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.

Cambodia’s main exported products are garments, machinery, electrical equipment, footwear products, leather goods, grain, furniture, rubber, fruits, vegetables, pearls, toys and textiles. The Kingdom’s major imports include medicines and supplements, consumables and food and beverages. Cambodia also has bilateral FTAs with China, South Korea and the United Arab Emirates.

The Ministry of Commerce has prepared measures to establish free trade agreements with other partner countries, with the principle of strengthening existing markets and expanding new markets under the guise of free trade agreements.