PHNOM PENH, Aug. 6 (Xinhua) — Cambodian Foreign Minister Prak Sokhonn said on Saturday that the Association of Southeast Asian Nations (ASEAN) is committed to ensuring the implementation of the Regional Comprehensive Economic Partnership (RCEP), which entered into force on 1. 2022.
“ASEAN is committed to ensuring the implementation of the Regional Comprehensive Economic Partnership Agreement (…) in order to enhance the attractiveness of ASEAN for trade, investment and the supply chain. global sourcing,” he said at a press conference following the 55th ASEAN Foreign Ministers’ Meeting and Related Meetings hosted by Cambodia.
In a joint statement from the 55th ASEAN Foreign Ministers’ Meeting released on Friday, ASEAN foreign ministers said RCEP would be a key contributor to the region’s recovery strategy.
“RCEP would make a significant contribution to our recovery strategy and continue to support an inclusive and open trade and investment architecture in the region,” the joint statement said.
RCEP comprises 15 Asia-Pacific countries, including 10 ASEAN member states – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam – and their five trading partners, namely China , Japan, South Korea, Australia and New Zealand.
As the world’s largest trading bloc, RCEP has established a market of 2.2 billion people, or 30% of the world’s population, with a combined gross domestic product (GDP) of US$26.2 trillion, which which accounts for around 30% of global GDP and 28% of the global market. Trade.
Senior Economist Ky Sereyvath, director general of the Institute of Chinese Studies at the Royal Academy of Cambodia, said RCEP has served as a catalyst for regional and global economic growth.
“It will help Cambodia and other member countries accelerate their economic recovery from the COVID-19 pandemic,” he told Xinhua. “I believe this mega-regional trade pact will become a new center of gravity for global trade in the future.”