A full-fledged implementation of the Regional Comprehensive Economic Partnership (RCEP) agreement can boost trade volumes by around 40 billion dollars.

With the rise in trade volumes, real incomes can increase by up to 2.5 percent, upswing trade activities among RCEP members by 12 per cent. It can help uplift the livelihood of an additional 27 million people into the middle class for the RCEP region by 2035 while RCEP is estimated to increase global incomes by up to 263 billion dollars.

RCEP is a free trade agreement among the Asia-Pacific nations of Australia, Brunei, Cambodia, China, Indonesia, Japan, Korea, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, Thailand, and Vietnam. The 15 member countries account for about 30 per cent of the world’s population. The Regional Comprehensive Economic Partnership is the world’s largest free trade agreement.

For instance Cambodia’s gross domestic product could rise by around two per cent to three per cent, exports would grow between nine per cent to 18 per cent, job opportunities would increase by three per cent to six per cent annually and tax revenue could increase by two per cent to three per cent per annum while the overall investment could increase by around 23 per cent.