In the first nine months of 2022, Cambodia’s trade with Regional Comprehensive Economic Partnership (RCEP) member countries was up 11 percent from the same period last year.

Cambodia’s exports to RCEP member countries were up six percent while its imports from RCEP member countries were up 12 percent. Cambodia’s top five trading partners under the RCEP are China, Vietnam, Thailand, Singapore and Japan. The RCEP is a key instrument to boost economic recovery in Cambodia and in the region.This regional mega-trade deal is very beneficial to Cambodia as it has provided the country bigger market access with tariff concessions. For the long term, it will be a main driving force for Cambodia’s economic growth.

The Regional Comprehensive Economic Partnership is the world’s largest free trade agreement and is set to eliminate 92 percent of tariffs on goods traded among its 15 members. The garment, footwear and travel goods industry is the largest foreign exchange earner for Cambodia, accounting for nearly 60 percent of the country’s total export value. The growth can be attributed to the full resumption of socio-economic activities in the country, trade preferences, and rising global demand as the global Covid pandemic has waned.